Post Utme Joseph Ayo Babalola University 2021 Accounting Question 15

Practice objective / multiple choice question 15 from the 2021 Post Utme Joseph Ayo Babalola University Accounting examination.

Post Utme Joseph Ayo Babalola University 2021 Accounting Objective / Multiple Choice
Question 15 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦100,000 | | | 2 Jan | Accounts Payable | | ₦50,000 | | 3 Jan | Sales | | ₦200,000 | | 4 Jan | Cost of Goods Sold | ₦150,000 | | | 5 Jan | Net Income | | ₦50,000 | Prepare the journal entries for the transactions.

Answer Options

Correct Answer A. Jan 1: Cash | ₦100,000 | Accounts Payable | ₦50,000 Jan 2: Sales | ₦200,000 | Cost of Goods Sold | ₦150,000 Jan 3: Net Income | ₦50,000 |
B. Jan 1: Cash | ₦100,000 | Accounts Payable | ₦50,000 Jan 2: Sales | ₦200,000 | Cost of Goods Sold | ₦150,000 Jan 3: Net Income | ₦50,000 |
C. Jan 1: Cash | ₦100,000 | Accounts Payable | ₦50,000 Jan 2: Sales | ₦200,000 | Cost of Goods Sold | ₦150,000 Jan 3: Net Income | ₦50,000 |
D. Jan 1: Cash | ₦100,000 | Accounts Payable | ₦50,000 Jan 2: Sales | ₦200,000 | Cost of Goods Sold | ₦150,000 Jan 3: Net Income | ₦50,000 |
Correct Answer
A
Correct Option:
Jan 1: Cash | ₦100,000 | Accounts Payable | ₦50,000 Jan 2: Sales | ₦200,000 | Cost of Goods Sold | ₦150,000 Jan 3: Net Income | ₦50,000 |

About This Question

This is Post Utme Joseph Ayo Babalola University 2021 Accounting Question 15. It is one of the objective questions from the 2021 Post Utme Joseph Ayo Babalola University Accounting examination.

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