Post Utme Greenfield University 2018 Accounting Question 4

Practice objective / multiple choice question 4 from the 2018 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2018 Accounting Objective / Multiple Choice
Question 4 POST_UTME_GREENFIELD_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦15,000 in the account 'Rent Paid'. However, the company's accounting records show that the rent paid was actually ₦20,000. What is the correct journal entry to record the correction?

Answer Options

A. ₦15,000 debit to Rent Paid and ₦15,000 credit to Cash
B. ₦20,000 debit to Rent Paid and ₦20,000 credit to Cash
Correct Answer C. ₦15,000 debit to Rent Paid and ₦20,000 credit to Cash
D. ₦20,000 debit to Cash and ₦15,000 credit to Rent Paid
Correct Answer
C
Correct Option:
₦15,000 debit to Rent Paid and ₦20,000 credit to Cash

About This Question

This is Post Utme Greenfield University 2018 Accounting Question 4. It is one of the objective questions from the 2018 Post Utme Greenfield University Accounting examination.

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