Post Utme Greenfield University 2017 Accounting Question 15

Practice objective / multiple choice question 15 from the 2017 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2017 Accounting Objective / Multiple Choice
Question 15 POST_UTME_GREENFIELD_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' account. However, the company's accounting records show that the actual expense incurred was ₦20,000. What is the correct journal entry to rectify this discrepancy?

Answer Options

A. Debit Accrued Expenses ₦5,000, Credit Profit and Loss Account ₦5,000
B. Debit Accrued Expenses ₦5,000, Credit Cash ₦5,000
Correct Answer C. Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000
D. Debit Accrued Expenses ₦5,000, Credit Bank ₦5,000
Correct Answer
C
Correct Option:
Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000

About This Question

This is Post Utme Greenfield University 2017 Accounting Question 15. It is one of the objective questions from the 2017 Post Utme Greenfield University Accounting examination.

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