Post Utme Lautech 2023 Accounting Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Lautech Accounting examination.

Post Utme Lautech 2023 Accounting Objective / Multiple Choice
Question 14 POST_UTME_LAUTECH • 2023 • ACCOUNTING • objective

A company has the following transactions: (1) Purchased goods for ₦150,000 (2) Sold goods for ₦180,000 (3) Paid cash to suppliers What is the correct journal entry for these transactions?

Answer Options

Correct Answer A. Debit Purchases, Credit Cash ₦150,000; Debit Cash, Credit Sales ₦180,000
B. Debit Purchases, Credit Cash ₦180,000; Debit Cash, Credit Sales ₦150,000
C. Debit Purchases, Credit Cash ₦180,000; Debit Sales, Credit Cash ₦150,000
D. Debit Cash, Credit Purchases ₦150,000; Debit Sales, Credit Cash ₦180,000
Correct Answer
A
Correct Option:
Debit Purchases, Credit Cash ₦150,000; Debit Cash, Credit Sales ₦180,000

About This Question

This is Post Utme Lautech 2023 Accounting Question 14. It is one of the objective questions from the 2023 Post Utme Lautech Accounting examination.

View More Post Utme Lautech 2023 Accounting Questions More Post Utme Lautech Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support