Post Utme Mountain Top University 2023 Accounting Question 4

Practice objective / multiple choice question 4 from the 2023 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2023 Accounting Objective / Multiple Choice
Question 4 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦30,000 in the account 'Purchases' and a credit balance of ₦25,000 in the account 'Sales'. What is the correct journal entry to rectify this error?

Answer Options

A. ₦5,000 debit to Purchases and ₦5,000 credit to Sales
Correct Answer B. ₦5,000 debit to Sales and ₦5,000 credit to Purchases
C. ₦10,000 debit to Purchases and ₦10,000 credit to Sales
D. ₦10,000 debit to Sales and ₦10,000 credit to Purchases
Correct Answer
B
Correct Option:
₦5,000 debit to Sales and ₦5,000 credit to Purchases

About This Question

This is Post Utme Mountain Top University 2023 Accounting Question 4. It is one of the objective questions from the 2023 Post Utme Mountain Top University Accounting examination.

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