Post Utme Madonna University 2022 Accounting Question 14

Practice objective / multiple choice question 14 from the 2022 Post Utme Madonna University Accounting examination.

Post Utme Madonna University 2022 Accounting Objective / Multiple Choice
Question 14 POST_UTME_MADONNA_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦20,000 in the 'Salaries Expense' account. However, the company's accounting records indicate that the salaries expense for the year was ₦30,000. What is the correct journal entry to correct the error?

Answer Options

A. ₦10,000 debit to Salaries Expense and ₦10,000 credit to Cash
Correct Answer B. ₦30,000 debit to Salaries Expense and ₦20,000 credit to Cash
C. ₦20,000 debit to Salaries Expense and ₦30,000 credit to Cash
D. ₦10,000 debit to Cash and ₦10,000 credit to Salaries Expense
Correct Answer
B
Correct Option:
₦30,000 debit to Salaries Expense and ₦20,000 credit to Cash

About This Question

This is Post Utme Madonna University 2022 Accounting Question 14. It is one of the objective questions from the 2022 Post Utme Madonna University Accounting examination.

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