Post Utme Lasu 2024 Accounting Question 19

Practice objective / multiple choice question 19 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 19 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦5,000 in the 'Rent Received' account. However, the company's accounting records indicate that it has not received any rent from its tenants. What is the correct treatment of this discrepancy?

Answer Options

Correct Answer A. Debit the 'Rent Received' account by ₦5,000
B. Credit the 'Rent Received' account by ₦5,000
C. Debit the 'Rent Received' account by ₦5,000 and credit the 'Rent Paid' account by ₦5,000
D. Do nothing, as the trial balance is correct
Correct Answer
A
Correct Option:
Debit the 'Rent Received' account by ₦5,000

About This Question

This is Post Utme Lasu 2024 Accounting Question 19. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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