Post Utme Ksu 2022 Accounting Question 6

Practice objective / multiple choice question 6 from the 2022 Post Utme Ksu Accounting examination.

Post Utme Ksu 2022 Accounting Objective / Multiple Choice

Question 6 POST_UTME_KSU • 2022 • 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 rectify this error?

Correct Answer A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000

B. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 6 months

C. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 1 year

D. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000 and reverse the entry after 2 years

Correct Answer

Correct Option:

Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000

This is Post Utme Ksu 2022 Accounting Question 6. It is one of the objective questions from the 2022 Post Utme Ksu Accounting examination.

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