Post Utme Lautech 2017 Accounting Question 4

Practice objective / multiple choice question 4 from the 2017 Post Utme Lautech Accounting examination.

Post Utme Lautech 2017 Accounting Objective / Multiple Choice
Question 4 POST_UTME_LAUTECH • 2017 • ACCOUNTING • objective

A company's income statement shows a net income of ₦150,000. Prepare the necessary journal entry to record this net income.

Answer Options

Correct Answer A. Debit Retained Earnings ₦150,000, Credit Net Income ₦150,000
B. Debit Net Income ₦150,000, Credit Retained Earnings ₦150,000
C. Debit Net Income ₦150,000, Credit Dividends ₦150,000
D. Debit Dividends ₦150,000, Credit Net Income ₦150,000
Correct Answer
A
Correct Option:
Debit Retained Earnings ₦150,000, Credit Net Income ₦150,000

About This Question

This is Post Utme Lautech 2017 Accounting Question 4. It is one of the objective questions from the 2017 Post Utme Lautech Accounting examination.

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