Post Utme Mountain Top University 2019 Accounting Question 19

Practice objective / multiple choice question 19 from the 2019 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2019 Accounting Objective / Multiple Choice
Question 19 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦30,000 in the 'Accrued Income' account. However, the company's accounting records show that the actual amount of accrued income is ₦20,000. What is the correct journal entry to record the adjustment?

Answer Options

Correct Answer A. Debit Accrued Income ₦10,000, Credit Profit and Loss ₦10,000
B. Debit Accrued Income ₦10,000, Credit Cash ₦10,000
C. Debit Cash ₦10,000, Credit Accrued Income ₦10,000
D. Debit Accrued Income ₦10,000, Credit Profit and Loss ₦20,000
Correct Answer
A
Correct Option:
Debit Accrued Income ₦10,000, Credit Profit and Loss ₦10,000

About This Question

This is Post Utme Mountain Top University 2019 Accounting Question 19. It is one of the objective questions from the 2019 Post Utme Mountain Top University Accounting examination.

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