Post Utme Noun 2018 Accounting Question 13

Practice objective / multiple choice question 13 from the 2018 Post Utme Noun Accounting examination.

Post Utme Noun 2018 Accounting Objective / Multiple Choice
Question 13 POST_UTME_NOUN • 2018 • ACCOUNTING • objective

A government agency has the following transactions: Received a grant of ₦50,000, and paid salaries of ₦30,000. Prepare the journal entry for these transactions.

Answer Options

Correct Answer A. Debit Salaries ₦30,000, Credit Grant ₦50,000
B. Debit Grant ₦50,000, Credit Salaries ₦30,000
C. Debit Salaries ₦50,000, Credit Grant ₦30,000
D. Debit Grant ₦30,000, Credit Salaries ₦50,000
Correct Answer
A
Correct Option:
Debit Salaries ₦30,000, Credit Grant ₦50,000

About This Question

This is Post Utme Noun 2018 Accounting Question 13. It is one of the objective questions from the 2018 Post Utme Noun Accounting examination.

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