Post Utme Lasu 2024 Accounting Question 39

Practice objective / multiple choice question 39 from the 2024 Post Utme Lasu Accounting examination.

Post Utme Lasu 2024 Accounting Objective / Multiple Choice
Question 39 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 purchase of goods?

Answer Options

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

About This Question

This is Post Utme Lasu 2024 Accounting Question 39. It is one of the objective questions from the 2024 Post Utme Lasu Accounting examination.

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