Post Utme Futo 2017 Accounting Question 14

Practice objective / multiple choice question 14 from the 2017 Post Utme Futo Accounting examination.

Post Utme Futo 2017 Accounting Objective / Multiple Choice
Question 14 POST_UTME_FUTO • 2017 • ACCOUNTING • objective

A company uses the double entry system. The following transactions occurred during the year: Purchased goods for ₦120,000, sold goods for ₦180,000, and paid salaries of ₦60,000. Prepare the ledger accounts for purchases, sales, and salaries.

Answer Options

Correct Answer A. Purchases: Debit: ₦120,000, Credit: ₦0; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦60,000, Credit: ₦0
B. Purchases: Debit: ₦0, Credit: ₦120,000; Sales: Debit: ₦180,000, Credit: ₦0; Salaries: Debit: ₦60,000, Credit: ₦0
C. Purchases: Debit: ₦120,000, Credit: ₦0; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦0, Credit: ₦60,000
D. Purchases: Debit: ₦0, Credit: ₦120,000; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦60,000, Credit: ₦0
Correct Answer
A
Correct Option:
Purchases: Debit: ₦120,000, Credit: ₦0; Sales: Debit: ₦0, Credit: ₦180,000; Salaries: Debit: ₦60,000, Credit: ₦0

About This Question

This is Post Utme Futo 2017 Accounting Question 14. It is one of the objective questions from the 2017 Post Utme Futo Accounting examination.

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