Post Utme Mountain Top University 2017 Accounting Question 28

Practice objective / multiple choice question 28 from the 2017 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2017 Accounting Objective / Multiple Choice
Question 28 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's ledger account for 'Accounts Payable' shows a balance of ₦30,000. The company's trial balance shows a debit balance of ₦20,000 in the account 'Purchases' and a credit balance of ₦10,000 in the account 'Accounts Payable'. What is the correct journal entry to correct this discrepancy?

Answer Options

Correct Answer A. ₦10,000 debit to Purchases and ₦10,000 credit to Accounts Payable
B. ₦20,000 debit to Purchases and ₦10,000 credit to Accounts Payable
C. ₦10,000 debit to Accounts Payable and ₦10,000 credit to Purchases
D. ₦20,000 debit to Purchases and ₦20,000 credit to Accounts Payable
Correct Answer
A
Correct Option:
₦10,000 debit to Purchases and ₦10,000 credit to Accounts Payable

About This Question

This is Post Utme Mountain Top University 2017 Accounting Question 28. It is one of the objective questions from the 2017 Post Utme Mountain Top University Accounting examination.

View More Post Utme Mountain Top University 2017 Accounting Questions More Post Utme Mountain Top University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support