Post Utme Igbinedion University 2019 Accounting Question 36

Practice objective / multiple choice question 36 from the 2019 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2019 Accounting Objective / Multiple Choice
Question 36 POST_UTME_IGBINEDION_UNIVERSITY • 2019 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦70,000, and returned goods worth ₦10,000 to the supplier. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. Debit Purchases ₦50,000, Credit Sales ₦70,000, Debit Returns Outward ₦10,000
B. Debit Purchases ₦60,000, Credit Sales ₦80,000, Debit Returns Outward ₦20,000
C. Debit Purchases ₦40,000, Credit Sales ₦60,000, Debit Returns Outward ₦10,000
D. Debit Purchases ₦60,000, Credit Sales ₦80,000, Debit Returns Outward ₦20,000
Correct Answer
A
Correct Option:
Debit Purchases ₦50,000, Credit Sales ₦70,000, Debit Returns Outward ₦10,000

About This Question

This is Post Utme Igbinedion University 2019 Accounting Question 36. It is one of the objective questions from the 2019 Post Utme Igbinedion University Accounting examination.

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