Post Utme Nile University 2023 Accounting Question 21

Practice objective / multiple choice question 21 from the 2023 Post Utme Nile University Accounting examination.

Post Utme Nile University 2023 Accounting Objective / Multiple Choice
Question 21 POST_UTME_NILE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Office Equipment'. However, the company's accountant has confirmed that the correct balance should be a credit of ₦5,000. What is the correct journal entry to rectify this error?

Answer Options

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

About This Question

This is Post Utme Nile University 2023 Accounting Question 21. It is one of the objective questions from the 2023 Post Utme Nile University Accounting examination.

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