Post Utme Esut 2024 Accounting Question 13

Practice objective / multiple choice question 13 from the 2024 Post Utme Esut Accounting examination.

Post Utme Esut 2024 Accounting Objective / Multiple Choice
Question 13 POST_UTME_ESUT • 2024 • ACCOUNTING • objective

A company has a trial balance with the following accounts: Sales ₦100,000, Cost of Goods Sold ₦80,000, and Profit ₦20,000. What is the correct journal entry to record the profit?

Answer Options

Correct Answer A. Debit Sales and credit Profit.
B. Debit Profit and credit Sales.
C. Debit Cost of Goods Sold and credit Profit.
D. Debit Profit and credit Cost of Goods Sold.
Correct Answer
A
Correct Option:
Debit Sales and credit Profit.

About This Question

This is Post Utme Esut 2024 Accounting Question 13. It is one of the objective questions from the 2024 Post Utme Esut Accounting examination.

View More Post Utme Esut 2024 Accounting Questions More Post Utme Esut Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support