Post Utme Mountain Top University 2024 Accounting Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2024 Accounting Objective / Multiple Choice
Question 1 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Office Supplies'. However, the company's accounting records show that the office supplies were valued at ₦20,000 at the end of the year. What is the correct journal entry to record the correction?

Answer Options

Correct Answer A. ₦15,000 debit to Office Supplies and ₦20,000 credit to Office Supplies
B. ₦5,000 debit to Office Supplies and ₦5,000 credit to Office Supplies
C. ₦20,000 debit to Office Supplies and ₦15,000 credit to Office Supplies
D. ₦15,000 credit to Office Supplies and ₦20,000 debit to Office Supplies
Correct Answer
A
Correct Option:
₦15,000 debit to Office Supplies and ₦20,000 credit to Office Supplies

About This Question

This is Post Utme Mountain Top University 2024 Accounting Question 1. It is one of the objective questions from the 2024 Post Utme Mountain Top University Accounting examination.

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