Post Utme Mountain Top University 2017 Accounting Question 26

Practice objective / multiple choice question 26 from the 2017 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2017 Accounting Objective / Multiple Choice
Question 26 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦5,000 in the account 'Rent Received' and a credit balance of ₦3,000 in the account 'Rent Paid'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. ₦2,000 debit to Rent Received and ₦2,000 credit to Rent Paid
Correct Answer B. ₦2,000 debit to Rent Paid and ₦2,000 credit to Rent Received
C. ₦1,000 debit to Rent Received and ₦1,000 credit to Rent Paid
D. ₦1,000 debit to Rent Paid and ₦1,000 credit to Rent Received
Correct Answer
B
Correct Option:
₦2,000 debit to Rent Paid and ₦2,000 credit to Rent Received

About This Question

This is Post Utme Mountain Top University 2017 Accounting Question 26. It is one of the objective questions from the 2017 Post Utme Mountain Top University Accounting examination.

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