Post Utme Mountain Top University 2019 Accounting Question 39

Practice objective / multiple choice question 39 from the 2019 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2019 Accounting Objective / Multiple Choice
Question 39 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance as at 31st December, 2022, showed a debit balance of ₦ 50,000 in the account 'Accrued Expenses'. The company's accountant forgot to post the following transactions: ₦ 20,000 received from a customer on account, ₦ 15,000 paid to a supplier on account, and ₦ 10,000 received from a customer on account. Prepare the necessary journal entries to correct the errors.

Answer Options

A. Debit Accrued Expenses ₦ 50,000, Credit Cash ₦ 20,000, Credit Accrued Expenses ₦ 15,000
Correct Answer B. Debit Accrued Expenses ₦ 50,000, Credit Cash ₦ 20,000, Debit Accounts Receivable ₦ 15,000
C. Debit Accrued Expenses ₦ 50,000, Credit Cash ₦ 20,000, Debit Accounts Payable ₦ 15,000
D. Debit Accrued Expenses ₦ 50,000, Credit Cash ₦ 20,000, Credit Accounts Receivable ₦ 15,000
Correct Answer
B
Correct Option:
Debit Accrued Expenses ₦ 50,000, Credit Cash ₦ 20,000, Debit Accounts Receivable ₦ 15,000

About This Question

This is Post Utme Mountain Top University 2019 Accounting Question 39. It is one of the objective questions from the 2019 Post Utme Mountain Top University Accounting examination.

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