Post Utme Mountain Top University 2023 Accounting Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2023 Accounting Objective / Multiple Choice

Question 1 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

Answer Options

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid

Correct Answer B. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received

C. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid

D. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received

Correct Answer

Correct Option:

₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received

About This Question

This is Post Utme Mountain Top University 2023 Accounting Question 1. It is one of the objective questions from the 2023 Post Utme Mountain Top University Accounting examination.

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