Post Utme Lead City University 2020 Accounting Question 1
Practice objective / multiple choice question 1 from the 2020 Post Utme Lead City University Accounting examination.
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: (1) Purchased office supplies for ₦10,000 cash. (2) Sold goods for ₦20,000 on credit. (3) Purchased a machine for ₦50,000 on credit. (4) Collected ₦15,000 from a customer who owed the company ₦20,000. (5) Paid ₦30,000 to a supplier who owed the company ₦40,000. Determine the total amount of assets, liabilities, and equity of the company at the end of January.
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About This Question
This is Post Utme Lead City University 2020 Accounting Question 1. It is one of the objective questions from the 2020 Post Utme Lead City University Accounting examination.
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