Post Utme Futa 2022 Accounting Question 7

Practice objective / multiple choice question 7 from the 2022 Post Utme Futa Accounting examination.

Post Utme Futa 2022 Accounting Objective / Multiple Choice
Question 7 POST_UTME_FUTA • 2022 • ACCOUNTING • objective

A company's financial statements for the year ended December 31, 2022, are presented below. Prepare a single entry for the following transactions: (i) Purchase of office equipment for ₦120,000 cash. (ii) Sale of office equipment for ₦80,000 cash.

Answer Options

A. ₦40,000 debit to office equipment and ₦40,000 credit to cash
B. ₦80,000 debit to office equipment and ₦80,000 credit to cash
C. ₦120,000 debit to office equipment and ₦120,000 credit to cash
Correct Answer D. ₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment
Correct Answer
D
Correct Option:
₦40,000 debit to office equipment and ₦40,000 credit to cash, and ₦80,000 debit to cash and ₦80,000 credit to office equipment

About This Question

This is Post Utme Futa 2022 Accounting Question 7. It is one of the objective questions from the 2022 Post Utme Futa Accounting examination.

View More Post Utme Futa 2022 Accounting Questions More Post Utme Futa 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