Post Utme Ksu 2024 Accounting Question 13

Practice objective / multiple choice question 13 from the 2024 Post Utme Ksu Accounting examination.

Post Utme Ksu 2024 Accounting Objective / Multiple Choice
Question 13 POST_UTME_KSU • 2024 • ACCOUNTING • objective

A company uses the double entry system. The following transactions occurred during the year: Purchase of equipment for ₦5,000,000, Sale of goods for ₦10,000,000, Purchase of raw materials for ₦2,000,000. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. Debit Equipment ₦5,000,000, Credit Cash ₦5,000,000
B. Debit Equipment ₦5,000,000, Credit Raw Materials ₦5,000,000
C. Debit Raw Materials ₦2,000,000, Credit Cash ₦2,000,000
D. Debit Equipment ₦5,000,000, Credit Raw Materials ₦2,000,000
Correct Answer
A
Correct Option:
Debit Equipment ₦5,000,000, Credit Cash ₦5,000,000

About This Question

This is Post Utme Ksu 2024 Accounting Question 13. It is one of the objective questions from the 2024 Post Utme Ksu Accounting examination.

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