Post Utme Madonna University 2020 Accounting Question 7

Practice objective / multiple choice question 7 from the 2020 Post Utme Madonna University Accounting examination.

Post Utme Madonna University 2020 Accounting Objective / Multiple Choice
Question 7 POST_UTME_MADONNA_UNIVERSITY • 2020 • ACCOUNTING • objective

A company has the following transactions: Purchased goods on credit for ₦100,000; Sold goods on credit for ₦80,000; Purchased office supplies for ₦5,000 cash. Prepare the journal entries for the above transactions.

Answer Options

A. Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Sales ₦80,000, Credit Accounts Receivable ₦80,000
C. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
Correct Answer D. All of the above
Correct Answer
D
Correct Option:
All of the above

About This Question

This is Post Utme Madonna University 2020 Accounting Question 7. It is one of the objective questions from the 2020 Post Utme Madonna University Accounting examination.

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