Post Utme Nile University 2023 Accounting Question 22

Practice objective / multiple choice question 22 from the 2023 Post Utme Nile University Accounting examination.

Post Utme Nile University 2023 Accounting Objective / Multiple Choice
Question 22 POST_UTME_NILE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following transactions: Purchased office equipment for ₦20,000, paid ₦5,000 cash, and the balance was financed by a loan from the bank. Prepare the journal entry for the purchase of office equipment.

Answer Options

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

About This Question

This is Post Utme Nile University 2023 Accounting Question 22. It is one of the objective questions from the 2023 Post Utme Nile University Accounting examination.

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