Post Utme Ksu 2020 Accounting Question 21

Practice objective / multiple choice question 21 from the 2020 Post Utme Ksu Accounting examination.

Post Utme Ksu 2020 Accounting Objective / Multiple Choice
Question 21 POST_UTME_KSU • 2020 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. Debit Rent Paid by ₦5,000 and Credit Rent Received by ₦5,000
Correct Answer B. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000
C. Debit Rent Paid by ₦20,000 and Credit Rent Received by ₦20,000
D. Debit Rent Received by ₦20,000 and Credit Rent Paid by ₦20,000
Correct Answer
B
Correct Option:
Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000

About This Question

This is Post Utme Ksu 2020 Accounting Question 21. It is one of the objective questions from the 2020 Post Utme Ksu Accounting examination.

View More Post Utme Ksu 2020 Accounting Questions More Post Utme Ksu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support