Post Utme Esut 2024 Accounting Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Esut Accounting examination.

Post Utme Esut 2024 Accounting Objective / Multiple Choice
Question 1 POST_UTME_ESUT • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's ledger shows a credit balance of ₦20,000 in the 'Rent Expense' account. What is the correct journal entry to correct this error?

Answer Options

A. ₦15,000 debit to 'Rent Expense' and ₦20,000 credit to 'Rent Expense'
Correct Answer B. ₦15,000 credit to 'Rent Expense' and ₦20,000 debit to 'Rent Expense'
C. ₦15,000 debit to 'Rent Expense' and ₦20,000 credit to 'Cash'
D. ₦15,000 credit to 'Rent Expense' and ₦20,000 debit to 'Cash'
Correct Answer
B
Correct Option:
₦15,000 credit to 'Rent Expense' and ₦20,000 debit to 'Rent Expense'

About This Question

This is Post Utme Esut 2024 Accounting Question 1. It is one of the objective questions from the 2024 Post Utme Esut Accounting examination.

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