Post Utme Ims U 2017 Accounting Question 12

Practice objective / multiple choice question 12 from the 2017 Post Utme Ims U Accounting examination.

Post Utme Ims U 2017 Accounting Objective / Multiple Choice
Question 12 POST_UTME_IMS_U • 2017 • ACCOUNTING • objective

A company's trial balance shows the following account balances: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000. Determine the correct journal entry to record the sale of goods.

Answer Options

A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦100,000
B. Debit Cost of Goods Sold ₦80,000, Credit Sales Revenue ₦100,000
Correct Answer C. Debit Accounts Payable ₦50,000, Debit Cost of Goods Sold ₦80,000, Credit Sales Revenue ₦130,000
D. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦100,000, Debit Cost of Goods Sold ₦80,000
Correct Answer
C
Correct Option:
Debit Accounts Payable ₦50,000, Debit Cost of Goods Sold ₦80,000, Credit Sales Revenue ₦130,000

About This Question

This is Post Utme Ims U 2017 Accounting Question 12. It is one of the objective questions from the 2017 Post Utme Ims U Accounting examination.

View More Post Utme Ims U 2017 Accounting Questions More Post Utme Ims U Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support