Post Utme Mountain Top University 2017 Accounting Question 29

Practice objective / multiple choice question 29 from the 2017 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2017 Accounting Objective / Multiple Choice
Question 29 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's ledger account for 'Sales' shows a balance of ₦40,000. The company's trial balance shows a debit balance of ₦30,000 in the account 'Cost of Goods Sold' and a credit balance of ₦10,000 in the account 'Sales'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. ₦10,000 debit to Cost of Goods Sold and ₦10,000 credit to Sales
Correct Answer B. ₦30,000 debit to Cost of Goods Sold and ₦10,000 credit to Sales
C. ₦10,000 debit to Sales and ₦10,000 credit to Cost of Goods Sold
D. ₦30,000 debit to Cost of Goods Sold and ₦30,000 credit to Sales
Correct Answer
B
Correct Option:
₦30,000 debit to Cost of Goods Sold and ₦10,000 credit to Sales

About This Question

This is Post Utme Mountain Top University 2017 Accounting Question 29. It is one of the objective questions from the 2017 Post Utme Mountain Top University Accounting examination.

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