Post Utme Esut 2024 Accounting Question 17

Practice objective / multiple choice question 17 from the 2024 Post Utme Esut Accounting examination.

Post Utme Esut 2024 Accounting Objective / Multiple Choice
Question 17 POST_UTME_ESUT • 2024 • ACCOUNTING • objective

A company's trial balance showed a debit balance of £ 1,000 in the account 'Rent Received'. The correct balance should be a credit balance of £ 1,000. What is the correct journal entry to correct the error?

Answer Options

A. Debit Rent Received £ 1,000, Credit Rent Received £ 1,000
Correct Answer B. Debit Rent Received £ 1,000, Credit Profit and Loss £ 1,000
C. Credit Rent Received £ 1,000, Debit Profit and Loss £ 1,000
D. Debit Rent Received £ 1,000, Credit Profit and Loss £ 1,000
Correct Answer
B
Correct Option:
Debit Rent Received £ 1,000, Credit Profit and Loss £ 1,000

About This Question

This is Post Utme Esut 2024 Accounting Question 17. 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