Post Utme Lasu 2024 Accounting Question 38

Practice objective / multiple choice question 38 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 38 POST_UTME_LASU • 2024 • ACCOUNTING • objective

A company's trial balance shows the following balances: Purchases = ₦120,000, Sales = ₦150,000, Cost of Goods Sold = ₦80,000, and Gross Profit = ₦30,000. What is the correct journal entry to record the sale of goods?

Answer Options

A. Debit Purchases, Credit Sales
Correct Answer B. Debit Sales, Credit Purchases
C. Debit Cost of Goods Sold, Credit Sales
D. Debit Sales, Credit Cost of Goods Sold
Correct Answer
B
Correct Option:
Debit Sales, Credit Purchases

About This Question

This is Post Utme Lasu 2024 Accounting Question 38. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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