Post Utme Ksu 2020 Accounting Question 40

Practice objective / multiple choice question 40 from the 2020 Post Utme Ksu Accounting examination.

Post Utme Ksu 2020 Accounting Objective / Multiple Choice
Question 40 POST_UTME_KSU • 2020 • ACCOUNTING • objective

A company uses the single-entry system of accounting. If the company purchases goods worth ₦100,000 and pays cash of ₦80,000, what is the journal entry for the transaction?

Answer Options

Correct Answer A. Debit Purchases ₦100,000, Credit Cash ₦80,000
B. Debit Purchases ₦80,000, Credit Cash ₦100,000
C. Debit Purchases ₦100,000, Credit Cash ₦100,000
D. Debit Purchases ₦80,000, Credit Cash ₦80,000
Correct Answer
A
Correct Option:
Debit Purchases ₦100,000, Credit Cash ₦80,000

About This Question

This is Post Utme Ksu 2020 Accounting Question 40. 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