Post Utme Mountain Top University 2024 Accounting Question 26

Practice objective / multiple choice question 26 from the 2024 Post Utme Mountain Top University Accounting examination.

Post Utme Mountain Top University 2024 Accounting Objective / Multiple Choice
Question 26 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's general ledger shows the following balances: Sales ₦100,000, Purchases ₦80,000, Capital ₦150,000. What is the correct journal entry to close the accounts?

Answer Options

Correct Answer A. Debit Sales A/c ₦100,000, Credit Capital A/c ₦100,000
B. Debit Purchases A/c ₦80,000, Credit Capital A/c ₦80,000
C. Debit Sales A/c ₦100,000, Credit Purchases A/c ₦80,000
D. Debit Capital A/c ₦150,000, Credit Sales A/c ₦100,000
Correct Answer
A
Correct Option:
Debit Sales A/c ₦100,000, Credit Capital A/c ₦100,000

About This Question

This is Post Utme Mountain Top University 2024 Accounting Question 26. It is one of the objective questions from the 2024 Post Utme Mountain Top University Accounting examination.

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