Post Utme Lautech 2025 Accounting Question 10

Practice objective / multiple choice question 10 from the 2025 Post Utme Lautech Accounting examination.

Post Utme Lautech 2025 Accounting Objective / Multiple Choice
Question 10 POST_UTME_LAUTECH • 2025 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 in rent and rates for the year. What is the correct journal entry to record the error?

Answer Options

A. Debit Rent and Rates ₦5,000, Credit Cash ₦5,000
B. Debit Rent and Rates ₦15,000, Credit Cash ₦15,000
C. Debit Rent and Rates ₦20,000, Credit Cash ₦20,000
Correct Answer D. Debit Rent and Rates ₦5,000, Credit Profit and Loss ₦5,000
Correct Answer
D
Correct Option:
Debit Rent and Rates ₦5,000, Credit Profit and Loss ₦5,000

About This Question

This is Post Utme Lautech 2025 Accounting Question 10. It is one of the objective questions from the 2025 Post Utme Lautech Accounting examination.

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