Post Utme Greenfield University 2019 Accounting Question 17

Practice objective / multiple choice question 17 from the 2019 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2019 Accounting Objective / Multiple Choice
Question 17 POST_UTME_GREENFIELD_UNIVERSITY • 2019 • ACCOUNTING • objective

A firm has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | ₦0 | | Accounts Payable | ₦0 | ₦10,000 | | Sales Revenue | ₦20,000 | ₦0 | | Cost of Goods Sold | ₦15,000 | ₦0 | | Net Income | ₦0 | ₦5,000 | What is the correct journal entry to record the sale of goods?

Answer Options

A. Debit Cash ₦20,000, Credit Accounts Payable ₦20,000
Correct Answer B. Debit Sales Revenue ₦20,000, Credit Cost of Goods Sold ₦15,000
C. Debit Cash ₦20,000, Credit Sales Revenue ₦20,000
D. Debit Accounts Payable ₦20,000, Credit Cost of Goods Sold ₦15,000
Correct Answer
B
Correct Option:
Debit Sales Revenue ₦20,000, Credit Cost of Goods Sold ₦15,000

About This Question

This is Post Utme Greenfield University 2019 Accounting Question 17. It is one of the objective questions from the 2019 Post Utme Greenfield University Accounting examination.

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