Post Utme Lead City University 2019 Accounting Question 15

Practice objective / multiple choice question 15 from the 2019 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2019 Accounting Objective / Multiple Choice
Question 15 POST_UTME_LEAD_CITY_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's ledger showed the following balances: Cash ₥ 10,000, Bank ₥ 5,000, Accounts Payable ₥ 8,000, Sales Revenue ₥ 15,000. Prepare the necessary journal entries to close the ledger accounts.

Answer Options

A. Debit Cash ₥ 10,000, Credit Bank ₥ 5,000, Debit Accounts Payable ₥ 8,000, Credit Sales Revenue ₥ 15,000
B. Debit Bank ₥ 5,000, Credit Cash ₥ 10,000, Debit Accounts Payable ₥ 8,000, Credit Sales Revenue ₥ 15,000
Correct Answer C. Debit Accounts Payable ₥ 8,000, Credit Sales Revenue ₥ 15,000
D. Debit Sales Revenue ₥ 15,000, Credit Accounts Payable ₥ 8,000
Correct Answer
C
Correct Option:
Debit Accounts Payable ₥ 8,000, Credit Sales Revenue ₥ 15,000

About This Question

This is Post Utme Lead City University 2019 Accounting Question 15. It is one of the objective questions from the 2019 Post Utme Lead City University Accounting examination.

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