Post Utme Igbinedion University 2020 Accounting Question 38
Practice objective / multiple choice question 38 from the 2020 Post Utme Igbinedion University Accounting examination.
A company uses the double-entry system to record its transactions. The company's journal entries for the year are as follows: Debit Cash ₦100,000, Credit Accounts Payable ₦50,000; Debit Accounts Receivable ₦150,000, Credit Sales Revenue ₦200,000; Debit Equipment ₦300,000, Credit Common Stock ₦400,000. What is the net effect of these journal entries on the company's equity?
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About This Question
This is Post Utme Igbinedion University 2020 Accounting Question 38. It is one of the objective questions from the 2020 Post Utme Igbinedion University Accounting examination.
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