Post Utme Futo 2023 Accounting Question 34

Practice objective / multiple choice question 34 from the 2023 Post Utme Futo Accounting examination.

Post Utme Futo 2023 Accounting Objective / Multiple Choice
Question 34 POST_UTME_FUTO • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦120,000 in the account 'Rent Received' and a credit balance of ₦80,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this discrepancy?

Answer Options

A. ₦40,000 debit to Rent Paid and ₦40,000 credit to Rent Received
Correct Answer B. ₦40,000 debit to Rent Received and ₦40,000 credit to Rent Paid
C. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
D. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
Correct Answer
B
Correct Option:
₦40,000 debit to Rent Received and ₦40,000 credit to Rent Paid

About This Question

This is Post Utme Futo 2023 Accounting Question 34. It is one of the objective questions from the 2023 Post Utme Futo Accounting examination.

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