Post Utme Ims U 2017 Accounting Question 14

Practice objective / multiple choice question 14 from the 2017 Post Utme Ims U Accounting examination.

Post Utme Ims U 2017 Accounting Objective / Multiple Choice
Question 14 POST_UTME_IMS_U • 2017 • ACCOUNTING • objective

A company's bank reconciliation statement shows the following discrepancies: Bank balance ₦50,000, Cash balance ₦40,000, Outstanding checks ₦10,000. Determine the correct journal entry to record the outstanding checks.

Answer Options

A. Debit Cash ₦10,000, Credit Bank balance ₦10,000
B. Debit Cash ₦10,000, Credit Outstanding checks ₦10,000
Correct Answer C. Debit Outstanding checks ₦10,000, Credit Cash ₦10,000
D. Debit Outstanding checks ₦10,000, Credit Bank balance ₦10,000
Correct Answer
C
Correct Option:
Debit Outstanding checks ₦10,000, Credit Cash ₦10,000

About This Question

This is Post Utme Ims U 2017 Accounting Question 14. It is one of the objective questions from the 2017 Post Utme Ims U Accounting examination.

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