Post Utme Ksu 2018 Accounting Question 5

Practice objective / multiple choice question 5 from the 2018 Post Utme Ksu Accounting examination.

Post Utme Ksu 2018 Accounting Objective / Multiple Choice
Question 5 POST_UTME_KSU • 2018 • ACCOUNTING • objective

A company's double-entry system shows a debit balance of ₦10,000 in the account 'Purchases' and a credit balance of ₦15,000 in the account 'Sales'. What is the correct journal entry to correct this error?

Answer Options

A. ₦5,000 debit to Purchases and ₦5,000 credit to Sales
B. ₦15,000 debit to Sales and ₦10,000 credit to Purchases
C. ₦5,000 debit to Sales and ₦5,000 credit to Purchases
Correct Answer D. ₦10,000 debit to Purchases and ₦15,000 credit to Sales
Correct Answer
D
Correct Option:
₦10,000 debit to Purchases and ₦15,000 credit to Sales

About This Question

This is Post Utme Ksu 2018 Accounting Question 5. It is one of the objective questions from the 2018 Post Utme Ksu Accounting examination.

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