Post Utme Ksu 2022 Accounting Question 2

Practice objective / multiple choice question 2 from the 2022 Post Utme Ksu Accounting examination.

Post Utme Ksu 2022 Accounting Objective / Multiple Choice
Question 2 POST_UTME_KSU • 2022 • ACCOUNTING • objective

A firm has the following transactions: Purchased goods for ₦50,000 on credit; sold goods for ₦75,000 for cash; and purchased equipment for ₦20,000 on credit. Prepare the journal entries for these transactions.

Answer Options

Correct Answer A. Debit Purchases ₦50,000, Credit Accounts Payable ₦50,000
B. Debit Purchases ₦75,000, Credit Accounts Receivable ₦75,000
C. Debit Equipment ₦20,000, Credit Accounts Payable ₦20,000
D. Debit Purchases ₦50,000, Credit Cash ₦50,000
Correct Answer
A
Correct Option:
Debit Purchases ₦50,000, Credit Accounts Payable ₦50,000

About This Question

This is Post Utme Ksu 2022 Accounting Question 2. It is one of the objective questions from the 2022 Post Utme Ksu Accounting examination.

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