Post Utme Ims U 2023 Accounting Question 31

Practice objective / multiple choice question 31 from the 2023 Post Utme Ims U Accounting examination.

Post Utme Ims U 2023 Accounting Objective / Multiple Choice
Question 31 POST_UTME_IMS_U • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦1,500 in the account 'Rent Received' and a credit balance of ₦1,200 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

Answer Options

A. ₦300 debit to Rent Received and ₦300 credit to Rent Paid
B. ₦300 debit to Rent Paid and ₦300 credit to Rent Received
C. ₦1,200 debit to Rent Paid and ₦1,500 credit to Rent Received
Correct Answer D. ₦1,500 debit to Rent Received and ₦1,200 credit to Rent Paid
Correct Answer
D
Correct Option:
₦1,500 debit to Rent Received and ₦1,200 credit to Rent Paid

About This Question

This is Post Utme Ims U 2023 Accounting Question 31. It is one of the objective questions from the 2023 Post Utme Ims U Accounting examination.

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