Post Utme Nile University 2024 Accounting Question 21

Practice objective / multiple choice question 21 from the 2024 Post Utme Nile University Accounting examination.

Post Utme Nile University 2024 Accounting Objective / Multiple Choice
Question 21 POST_UTME_NILE_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Received' account. However, the company's accounting records show that it has not received any rent from tenants. What is the correct treatment for this discrepancy?

Answer Options

A. Debit the 'Rent Received' account by ₦15,000
B. Credit the 'Rent Received' account by ₦15,000
Correct Answer C. Debit the 'Rent Received' account by ₦15,000 and credit the 'Rent Paid' account by ₦15,000
D. Do nothing, as it is a normal transaction
Correct Answer
C
Correct Option:
Debit the 'Rent Received' account by ₦15,000 and credit the 'Rent Paid' account by ₦15,000

About This Question

This is Post Utme Nile University 2024 Accounting Question 21. It is one of the objective questions from the 2024 Post Utme Nile University Accounting examination.

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