Post Utme Elizade University 2023 Accounting Question 20

Practice objective / multiple choice question 20 from the 2023 Post Utme Elizade University Accounting examination.

Post Utme Elizade University 2023 Accounting Objective / Multiple Choice
Question 20 POST_UTME_ELIZADE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following transactions related to its public sector accounting: | Date | Description | Amount | | --- | --- | --- | | 1 Jan | Receipt from government | ₦100,000 | | 15 Jan | Payment to supplier | ₦50,000 | | 20 Jan | Receipt from government | ₦150,000 | Prepare the journal entry for the receipt from government on 20 Jan.

Answer Options

Correct Answer A. Debit: Cash ₦150,000, Credit: Government ₦150,000
B. Debit: Government ₦150,000, Credit: Cash ₦150,000
C. Debit: Cash ₦150,000, Credit: Government ₦100,000
D. Debit: Government ₦100,000, Credit: Cash ₦150,000
Correct Answer
A
Correct Option:
Debit: Cash ₦150,000, Credit: Government ₦150,000

About This Question

This is Post Utme Elizade University 2023 Accounting Question 20. It is one of the objective questions from the 2023 Post Utme Elizade University Accounting examination.

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