Post Utme Ims U 2024 Accounting Question 18

Practice objective / multiple choice question 18 from the 2024 Post Utme Ims U Accounting examination.

Post Utme Ims U 2024 Accounting Objective / Multiple Choice
Question 18 POST_UTME_IMS_U • 2024 • ACCOUNTING • objective

A company's balance sheet shows a current asset of ₦150,000 in the account 'Accounts Receivable'. However, the company's accounting records show that the amount is actually ₦180,000. What is the correct journal entry to correct this error?

Answer Options

Correct Answer A. ₦30,000 debit to Accounts Receivable and ₦30,000 credit to Cash
B. ₦30,000 debit to Cash and ₦30,000 credit to Accounts Receivable
C. ₦30,000 debit to Accounts Receivable and ₦30,000 credit to Profit
D. ₦30,000 debit to Profit and ₦30,000 credit to Accounts Receivable
Correct Answer
A
Correct Option:
₦30,000 debit to Accounts Receivable and ₦30,000 credit to Cash

About This Question

This is Post Utme Ims U 2024 Accounting Question 18. It is one of the objective questions from the 2024 Post Utme Ims U Accounting examination.

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