Post Utme Noun 2022 Accounting Question 14

Practice objective / multiple choice question 14 from the 2022 Post Utme Noun Accounting examination.

Post Utme Noun 2022 Accounting Objective / Multiple Choice
Question 14 POST_UTME_NOUN • 2022 • ACCOUNTING • objective

A company uses the self-balancing ledger system to record its transactions. The company's ledger shows a debit balance of ₦20,000 in the account 'Office Equipment' and a credit balance of ₦10,000 in the account 'Office Supplies'. What is the correct journal entry to record the transfer of ₦5,000 from Office Equipment to Office Supplies?

Answer Options

Correct Answer A. Debit Office Equipment ₦5,000, Credit Office Supplies ₦5,000
B. Debit Office Supplies ₦5,000, Credit Office Equipment ₦5,000
C. Debit Office Equipment ₦5,000, Credit Cash ₦5,000
D. Debit Office Supplies ₦5,000, Credit Cash ₦5,000
Correct Answer
A
Correct Option:
Debit Office Equipment ₦5,000, Credit Office Supplies ₦5,000

About This Question

This is Post Utme Noun 2022 Accounting Question 14. It is one of the objective questions from the 2022 Post Utme Noun Accounting examination.

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