Post Utme Elizade University 2019 Accounting Question 24

Practice objective / multiple choice question 24 from the 2019 Post Utme Elizade University Accounting examination.

Post Utme Elizade University 2019 Accounting Objective / Multiple Choice
Question 24 POST_UTME_ELIZADE_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's ledger accounts show a debit balance of ₦10,000 in the account 'Sales'. What is the correct journal entry to close this account?

Answer Options

A. Debit Sales, Credit Profit and Loss
Correct Answer B. Debit Profit and Loss, Credit Sales
C. Debit Sales, Credit Profit and Loss
D. Debit Profit and Loss, Debit Sales
Correct Answer
B
Correct Option:
Debit Profit and Loss, Credit Sales

About This Question

This is Post Utme Elizade University 2019 Accounting Question 24. It is one of the objective questions from the 2019 Post Utme Elizade University Accounting examination.

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