Post Utme Joseph Ayo Babalola University 2017 Accounting Question 32

Practice objective / multiple choice question 32 from the 2017 Post Utme Joseph Ayo Babalola University Accounting examination.

Post Utme Joseph Ayo Babalola University 2017 Accounting Objective / Multiple Choice

Question 32 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased office supplies for ₦15,000, and sold goods for ₦20,000. What is the net effect on the accounting equation?

Answer Options

A. ₦5,000 is debited to Office Supplies and ₦5,000 is credited to Sales.

B. ₦5,000 is debited to Sales and ₦5,000 is credited to Office Supplies.

C. ₦5,000 is debited to Office Supplies and ₦5,000 is credited to Cash.

Correct Answer D. ₦5,000 is debited to Cash and ₦5,000 is credited to Office Supplies.

Correct Answer

Correct Option:

₦5,000 is debited to Cash and ₦5,000 is credited to Office Supplies.

About This Question

This is Post Utme Joseph Ayo Babalola University 2017 Accounting Question 32. It is one of the objective questions from the 2017 Post Utme Joseph Ayo Babalola University Accounting examination.

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