Post Utme Futa 2019 Accounting Question 5

Practice objective / multiple choice question 5 from the 2019 Post Utme Futa Accounting examination.

Post Utme Futa 2019 Accounting Objective / Multiple Choice

Question 5 POST_UTME_FUTA • 2019 • ACCOUNTING • objective

A company has the following transactions: Sale of goods on account 20,000, Purchase of inventory 15,000. What is the correct journal entry to record these transactions?

A. Debit Accounts Receivable 20,000, Credit Sales Revenue 20,000

B. Debit Inventory 15,000, Credit Purchases 15,000

C. Debit Sales Revenue 20,000, Credit Accounts Receivable 20,000

Correct Answer D. Debit Purchases 15,000, Credit Inventory 15,000

Correct Answer

Correct Option:

Debit Purchases 15,000, Credit Inventory 15,000

This is Post Utme Futa 2019 Accounting Question 5. It is one of the objective questions from the 2019 Post Utme Futa Accounting examination.

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