Post Utme Ims U 2023 Accounting Question 3

Practice objective / multiple choice question 3 from the 2023 Post Utme Ims U Accounting examination.

Post Utme Ims U 2023 Accounting Objective / Multiple Choice
Question 3 POST_UTME_IMS_U • 2023 • ACCOUNTING • objective

A company's balance sheet shows a current asset of ₦50,000 in the 'Accounts Receivable' account. However, the company's accounting records indicate that the accounts receivable for the year were ₦60,000. What is the correct journal entry to correct the error?

Answer Options

Correct Answer A. Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000
B. Debit Accounts Receivable ₦10,000, Credit Sales Revenue ₦10,000
C. Debit Accounts Receivable ₦10,000, Credit Accounts Payable ₦10,000
D. Debit Accounts Receivable ₦10,000, Credit Cash ₦60,000
Correct Answer
A
Correct Option:
Debit Accounts Receivable ₦10,000, Credit Cash ₦10,000

About This Question

This is Post Utme Ims U 2023 Accounting Question 3. It is one of the objective questions from the 2023 Post Utme Ims U Accounting examination.

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