Post Utme Igbinedion University 2021 Accounting Question 7

Practice objective / multiple choice question 7 from the 2021 Post Utme Igbinedion University Accounting examination.

Post Utme Igbinedion University 2021 Accounting Objective / Multiple Choice

Question 7 POST_UTME_IGBINEDION_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: 1. Purchased office equipment for ₦50,000. 2. Sold office equipment for ₦30,000. What is the correct journal entry for the above transactions?

Answer Options

Correct Answer A. ₦50,000 Debit, ₦30,000 Credit

B. ₦30,000 Debit, ₦50,000 Credit

C. ₦20,000 Debit, ₦20,000 Credit

D. ₦20,000 Credit, ₦20,000 Debit

Correct Answer

Correct Option:

₦50,000 Debit, ₦30,000 Credit

About This Question

This is Post Utme Igbinedion University 2021 Accounting Question 7. It is one of the objective questions from the 2021 Post Utme Igbinedion University Accounting examination.

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