Post Utme Futa 2021 Accounting Question 20

Practice objective / multiple choice question 20 from the 2021 Post Utme Futa Accounting examination.

Post Utme Futa 2021 Accounting Objective / Multiple Choice
Question 20 POST_UTME_FUTA • 2021 • ACCOUNTING • objective

A company uses a control account to record its transactions. The control account shows a debit balance of ₦15,000 in the account 'Purchases' and a credit balance of ₦20,000 in the account 'Sales'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. ₦5,000 debit to Purchases and ₦5,000 credit to Sales
B. ₦10,000 debit to Purchases and ₦10,000 credit to Sales
Correct Answer C. ₦15,000 debit to Purchases and ₦20,000 credit to Sales
D. ₦20,000 debit to Purchases and ₦15,000 credit to Sales
Correct Answer
C
Correct Option:
₦15,000 debit to Purchases and ₦20,000 credit to Sales

About This Question

This is Post Utme Futa 2021 Accounting Question 20. It is one of the objective questions from the 2021 Post Utme Futa Accounting examination.

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