Post Utme Futa 2017 Accounting Question 9

Practice objective / multiple choice question 9 from the 2017 Post Utme Futa Accounting examination.

Post Utme Futa 2017 Accounting Objective / Multiple Choice
Question 9 POST_UTME_FUTA • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for £ 10,000, Sold goods for £ 15,000, Purchased equipment for £ 5,000. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Equipment £ 5,000, Credit Cash £ 5,000
B. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Equipment £ 5,000, Credit Purchases £ 5,000
C. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Equipment £ 5,000, Credit Sales £ 5,000
D. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Equipment £ 5,000, Credit Purchases £ 5,000
Correct Answer
A
Correct Option:
Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Equipment £ 5,000, Credit Cash £ 5,000

About This Question

This is Post Utme Futa 2017 Accounting Question 9. It is one of the objective questions from the 2017 Post Utme Futa Accounting examination.

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