Post Utme Ims U 2023 Accounting Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Ims U Accounting examination.

Post Utme Ims U 2023 Accounting Objective / Multiple Choice
Question 1 POST_UTME_IMS_U • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's accounting records indicate that the rent expense for the year was ₦20,000. What is the correct journal entry to correct the error?

Answer Options

A. Debit Rent Expense ₦5,000, Credit Cash ₦5,000
Correct Answer B. Debit Rent Expense ₦5,000, Credit Rent Payable ₦5,000
C. Debit Rent Expense ₦5,000, Credit Rent Expense ₦5,000
D. Debit Rent Expense ₦5,000, Credit Cash ₦20,000
Correct Answer
B
Correct Option:
Debit Rent Expense ₦5,000, Credit Rent Payable ₦5,000

About This Question

This is Post Utme Ims U 2023 Accounting Question 1. It is one of the objective questions from the 2023 Post Utme Ims U Accounting examination.

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