Post Utme Greenfield University 2022 Accounting Question 38

Practice objective / multiple choice question 38 from the 2022 Post Utme Greenfield University Accounting examination.

Post Utme Greenfield University 2022 Accounting Objective / Multiple Choice
Question 38 POST_UTME_GREENFIELD_UNIVERSITY • 2022 • ACCOUNTING • objective

A company has the following transactions: purchased raw materials for ₦50,000; sold goods for ₦100,000; purchased factory equipment for ₦200,000. Prepare the journal entries to record these transactions.

Answer Options

Correct Answer A. Debit Raw Materials ₦50,000; Credit Cash ₦50,000
B. Debit Factory Equipment ₦200,000; Credit Cash ₦200,000
C. Debit Sales ₦100,000; Credit Cash ₦100,000
D. Debit Raw Materials ₦50,000; Credit Factory Equipment ₦50,000
Correct Answer
A
Correct Option:
Debit Raw Materials ₦50,000; Credit Cash ₦50,000

About This Question

This is Post Utme Greenfield University 2022 Accounting Question 38. It is one of the objective questions from the 2022 Post Utme Greenfield University Accounting examination.

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