Post Utme Lautech 2017 Accounting Question 5

Practice objective / multiple choice question 5 from the 2017 Post Utme Lautech Accounting examination.

Post Utme Lautech 2017 Accounting Objective / Multiple Choice
Question 5 POST_UTME_LAUTECH • 2017 • ACCOUNTING • objective

A company's balance sheet shows an increase in accounts payable of ₦20,000. Prepare the necessary journal entry to record this increase.

Answer Options

Correct Answer A. Debit Accounts Payable ₦20,000, Credit Purchases ₦20,000
B. Debit Purchases ₦20,000, Credit Accounts Payable ₦20,000
C. Debit Accounts Payable ₦20,000, Credit Sales ₦20,000
D. Debit Sales ₦20,000, Credit Accounts Payable ₦20,000
Correct Answer
A
Correct Option:
Debit Accounts Payable ₦20,000, Credit Purchases ₦20,000

About This Question

This is Post Utme Lautech 2017 Accounting Question 5. It is one of the objective questions from the 2017 Post Utme Lautech Accounting examination.

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