Post Utme Ims U 2023 Accounting Question 15

Practice objective / multiple choice question 15 from the 2023 Post Utme Ims U Accounting examination.

Post Utme Ims U 2023 Accounting Objective / Multiple Choice
Question 15 POST_UTME_IMS_U • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Office Supplies' and a credit balance of ₦20,000 in the account 'Office Equipment'. The company's accounting policy requires that office supplies be valued at cost and office equipment be valued at cost less depreciation. What is the correct journal entry to record the correction of the error?

Answer Options

Correct Answer A. ₦5,000 debit to Office Supplies and ₦5,000 credit to Office Equipment
B. ₦10,000 debit to Office Supplies and ₦10,000 credit to Office Equipment
C. ₦5,000 debit to Office Equipment and ₦5,000 credit to Office Supplies
D. ₦10,000 debit to Office Equipment and ₦10,000 credit to Office Supplies
Correct Answer
A
Correct Option:
₦5,000 debit to Office Supplies and ₦5,000 credit to Office Equipment

About This Question

This is Post Utme Ims U 2023 Accounting Question 15. It is one of the objective questions from the 2023 Post Utme Ims U Accounting examination.

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