Post Utme Ims U 2020 Accounting Question 9

Practice objective / multiple choice question 9 from the 2020 Post Utme Ims U Accounting examination.

Post Utme Ims U 2020 Accounting Objective / Multiple Choice
Question 9 POST_UTME_IMS_U • 2020 • ACCOUNTING • objective

A company uses the double-entry system to record its transactions. If the company purchases an asset for ₦100,000 and pays ₦20,000 cash, what is the journal entry?

Answer Options

Correct Answer A. Debit Asset ₦100,000, Credit Cash ₦20,000
B. Debit Cash ₦20,000, Credit Asset ₦100,000
C. Debit Asset ₦80,000, Credit Cash ₦20,000
D. Debit Cash ₦100,000, Credit Asset ₦20,000
Correct Answer
A
Correct Option:
Debit Asset ₦100,000, Credit Cash ₦20,000

About This Question

This is Post Utme Ims U 2020 Accounting Question 9. It is one of the objective questions from the 2020 Post Utme Ims U Accounting examination.

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