Post Utme Ims U 2021 Accounting Question 33

Practice objective / multiple choice question 33 from the 2021 Post Utme Ims U Accounting examination.

Post Utme Ims U 2021 Accounting Objective / Multiple Choice
Question 33 POST_UTME_IMS_U • 2021 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦20,000 in the 'Salaries and Wages' account. However, the company's accountant has informed you that the correct value of the salaries and wages expense is ₦30,000. What is the correct entry to record the adjustment?

Answer Options

A. ₦10,000 debit to 'Salaries and Wages' and ₦10,000 credit to 'Profit or Loss on Disposal of Assets'
Correct Answer B. ₦10,000 credit to 'Salaries and Wages' and ₦10,000 debit to 'Profit or Loss on Disposal of Assets'
C. ₦10,000 debit to 'Profit or Loss on Disposal of Assets' and ₦10,000 credit to 'Salaries and Wages'
D. ₦10,000 credit to 'Salaries and Wages' and ₦10,000 debit to 'Office Expenses'
Correct Answer
B
Correct Option:
₦10,000 credit to 'Salaries and Wages' and ₦10,000 debit to 'Profit or Loss on Disposal of Assets'

About This Question

This is Post Utme Ims U 2021 Accounting Question 33. It is one of the objective questions from the 2021 Post Utme Ims U Accounting examination.

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