Post Utme Mountain Top University 2019 Accounting Question 16

Practice objective / multiple choice question 16 from the 2019 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2019 Accounting Objective / Multiple Choice
Question 16 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the 'Accrued Expenses' account. However, the company's accounting records show that the actual amount of accrued expenses is ₦75,000. What is the correct journal entry to record the adjustment?

Answer Options

Correct Answer A. Debit Accrued Expenses ₦25,000, Credit Accrued Expenses ₦25,000
B. Debit Accrued Expenses ₦25,000, Credit Profit and Loss ₦25,000
C. Debit Profit and Loss ₦25,000, Credit Accrued Expenses ₦25,000
D. Debit Accrued Expenses ₦50,000, Credit Accrued Expenses ₦50,000
Correct Answer
A
Correct Option:
Debit Accrued Expenses ₦25,000, Credit Accrued Expenses ₦25,000

About This Question

This is Post Utme Mountain Top University 2019 Accounting Question 16. It is one of the objective questions from the 2019 Post Utme Mountain Top University Accounting examination.

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