Post Utme Lead City University 2017 Accounting Question 7

Practice objective / multiple choice question 7 from the 2017 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2017 Accounting Objective / Multiple Choice
Question 7 POST_UTME_LEAD_CITY_UNIVERSITY • 2017 • ACCOUNTING • objective

A manufacturing company has the following transactions: Purchased raw materials on credit ₦50,000; sold goods on credit ₦80,000; and purchased office equipment on cash ₦20,000. Prepare a journal entry for the above transactions.

Answer Options

Correct Answer A. Debit Raw Materials ₦50,000, Credit Office Equipment ₦20,000
B. Debit Office Equipment ₦20,000, Credit Raw Materials ₦50,000
C. Debit Raw Materials ₦50,000, Credit Sales ₦80,000
D. Debit Sales ₦80,000, Credit Raw Materials ₦50,000
Correct Answer
A
Correct Option:
Debit Raw Materials ₦50,000, Credit Office Equipment ₦20,000

About This Question

This is Post Utme Lead City University 2017 Accounting Question 7. It is one of the objective questions from the 2017 Post Utme Lead City University Accounting examination.

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