Post Utme Mountain Top University 2018 Accounting Question 11

Practice objective / multiple choice question 11 from the 2018 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2018 Accounting Objective / Multiple Choice
Question 11 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦120,000 in the account 'Accrued Expenses' and a credit balance of ₦80,000 in the account 'Accrued Income'. What is the correct journal entry to eliminate the discrepancy?

Answer Options

A. ₦40,000 debit to Accrued Expenses and ₦40,000 credit to Accrued Income
B. ₦20,000 debit to Accrued Expenses and ₦20,000 credit to Accrued Income
C. ₦80,000 debit to Accrued Expenses and ₦120,000 credit to Accrued Income
Correct Answer D. ₦120,000 debit to Accrued Expenses and ₦80,000 credit to Accrued Income
Correct Answer
D
Correct Option:
₦120,000 debit to Accrued Expenses and ₦80,000 credit to Accrued Income

About This Question

This is Post Utme Mountain Top University 2018 Accounting Question 11. It is one of the objective questions from the 2018 Post Utme Mountain Top University Accounting examination.

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