Post Utme Ims U 2022 Accounting Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Ims U Accounting examination.

Post Utme Ims U 2022 Accounting Objective / Multiple Choice
Question 1 POST_UTME_IMS_U • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦100,000 in the account 'Rent Received' and a credit balance of ₦80,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
Correct Answer B. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
C. ₦80,000 debit to Rent Received and ₦80,000 credit to Rent Paid
D. ₦100,000 debit to Rent Paid and ₦100,000 credit to Rent Received
Correct Answer
B
Correct Option:
₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received

About This Question

This is Post Utme Ims U 2022 Accounting Question 1. It is one of the objective questions from the 2022 Post Utme Ims U Accounting examination.

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