Post Utme Ims U 2017 Accounting Question 13

Practice objective / multiple choice question 13 from the 2017 Post Utme Ims U Accounting examination.

Post Utme Ims U 2017 Accounting Objective / Multiple Choice
Question 13 POST_UTME_IMS_U • 2017 • ACCOUNTING • objective

A single-entry system records the following transactions: Purchase of goods ₦20,000, Sales ₦30,000, Purchase of equipment ₦10,000. Determine the correct journal entry to record the purchase of equipment.

Answer Options

Correct Answer A. Debit Purchase of equipment ₦10,000, Credit Cash ₦10,000
B. Debit Purchase of equipment ₦10,000, Credit Accounts Payable ₦10,000
C. Debit Purchase of equipment ₦10,000, Credit Cash ₦10,000, Debit Purchase of goods ₦10,000
D. Debit Purchase of equipment ₦10,000, Credit Cash ₦10,000, Credit Purchase of goods ₦10,000
Correct Answer
A
Correct Option:
Debit Purchase of equipment ₦10,000, Credit Cash ₦10,000

About This Question

This is Post Utme Ims U 2017 Accounting Question 13. It is one of the objective questions from the 2017 Post Utme Ims U Accounting examination.

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