Post Utme Ims U 2023 Accounting Question 4

Practice objective / multiple choice question 4 from the 2023 Post Utme Ims U Accounting examination.

Post Utme Ims U 2023 Accounting Objective / Multiple Choice
Question 4 POST_UTME_IMS_U • 2023 • ACCOUNTING • objective

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

Answer Options

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

About This Question

This is Post Utme Ims U 2023 Accounting Question 4. It is one of the objective questions from the 2023 Post Utme Ims U Accounting examination.

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