Post Utme Ims U 2022 Accounting Question 24

Practice objective / multiple choice question 24 from the 2022 Post Utme Ims U Accounting examination.

Post Utme Ims U 2022 Accounting Objective / Multiple Choice
Question 24 POST_UTME_IMS_U • 2022 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company purchases an asset for ₦500,000 and pays ₦200,000 in cash, what is the journal entry to record the purchase?

Answer Options

Correct Answer A. Debit Asset ₦500,000, Credit Cash ₦200,000
B. Debit Cash ₦200,000, Credit Asset ₦500,000
C. Debit Asset ₦500,000, Credit Bank ₦200,000
D. Debit Bank ₦200,000, Credit Asset ₦500,000
Correct Answer
A
Correct Option:
Debit Asset ₦500,000, Credit Cash ₦200,000

About This Question

This is Post Utme Ims U 2022 Accounting Question 24. It is one of the objective questions from the 2022 Post Utme Ims U Accounting examination.

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