Post Utme Igbinedion University 2018 Accounting Question 34

Practice objective / multiple choice question 34 from the 2018 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2018 Accounting Objective / Multiple Choice

Question 34 POST_UTME_IGBINEDION_UNIVERSITY • 2018 • ACCOUNTING • objective

A company maintains a self-balancing ledger for its accounts receivable. The ledger shows a debit balance of ₦150,000 and a credit balance of ₦200,000. What is the correct journal entry to record the adjustment to the ledger?

Answer Options

A. ₦50,000 debit to accounts receivable and ₦50,000 credit to revenue

Correct Answer B. ₦50,000 debit to revenue and ₦50,000 credit to accounts receivable

C. ₦50,000 debit to accounts receivable and ₦50,000 credit to cost of goods sold

D. ₦50,000 debit to revenue and ₦50,000 credit to cost of goods sold

Correct Answer

Correct Option:

₦50,000 debit to revenue and ₦50,000 credit to accounts receivable

About This Question

This is Post Utme Igbinedion University 2018 Accounting Question 34. It is one of the objective questions from the 2018 Post Utme Igbinedion University Accounting examination.

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