Post Utme Lautech 2017 Accounting Question 3

Practice objective / multiple choice question 3 from the 2017 Post Utme Lautech Accounting examination.

Post Utme Lautech 2017 Accounting Objective / Multiple Choice
Question 3 POST_UTME_LAUTECH • 2017 • ACCOUNTING • objective

A company's balance sheet shows an increase in inventory of ₦50,000. Prepare the necessary journal entry to record this increase.

Answer Options

Correct Answer A. Debit Inventory ₦50,000, Credit Purchases ₦50,000
B. Debit Purchases ₦50,000, Credit Inventory ₦50,000
C. Debit Inventory ₦50,000, Credit Sales ₦50,000
D. Debit Sales ₦50,000, Credit Inventory ₦50,000
Correct Answer
A
Correct Option:
Debit Inventory ₦50,000, Credit Purchases ₦50,000

About This Question

This is Post Utme Lautech 2017 Accounting Question 3. It is one of the objective questions from the 2017 Post Utme Lautech Accounting examination.

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