Post Utme Madonna University 2023 Accounting Question 19

Practice objective / multiple choice question 19 from the 2023 Post Utme Madonna University Accounting examination.

Post Utme Madonna University 2023 Accounting Objective / Multiple Choice
Question 19 POST_UTME_MADONNA_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦10,000 in the 'Salaries Expense' account. However, the company's accounting records show that the salaries expense for the year was ₦15,000. What is the correct journal entry to correct the error?

Answer Options

A. ₦5,000 credit to Salaries Expense and ₦5,000 debit to Cash
Correct Answer B. ₦15,000 credit to Salaries Expense and ₦15,000 debit to Cash
C. ₦5,000 credit to Salaries Expense and ₦5,000 debit to Salaries Payable
D. ₦15,000 credit to Salaries Expense and ₦15,000 debit to Salaries Payable
Correct Answer
B
Correct Option:
₦15,000 credit to Salaries Expense and ₦15,000 debit to Cash

About This Question

This is Post Utme Madonna University 2023 Accounting Question 19. It is one of the objective questions from the 2023 Post Utme Madonna University Accounting examination.

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