Post Utme Ksu 2024 Accounting Question 40

Practice objective / multiple choice question 40 from the 2024 Post Utme Ksu Accounting examination.

Post Utme Ksu 2024 Accounting Objective / Multiple Choice
Question 40 POST_UTME_KSU • 2024 • ACCOUNTING • objective

A company uses a self-balancing ledger system. The company's ledger shows a debit balance of ₦100,000 for the 'Accounts Payable' account. The company's trial balance shows a credit balance of ₦120,000 for the 'Accounts Payable' account. What is the correct journal entry to record the adjustment for the accounts payable?

Answer Options

A. Debit Accounts Payable ₦20,000, Credit Cash ₦20,000
B. Debit Accounts Payable ₦40,000, Credit Cash ₦40,000
C. Debit Accounts Payable ₦60,000, Credit Cash ₦60,000
Correct Answer D. Debit Accounts Payable ₦80,000, Credit Cash ₦80,000
Correct Answer
D
Correct Option:
Debit Accounts Payable ₦80,000, Credit Cash ₦80,000

About This Question

This is Post Utme Ksu 2024 Accounting Question 40. It is one of the objective questions from the 2024 Post Utme Ksu Accounting examination.

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