Post Utme Noun 2023 Accounting Question 15

Practice objective / multiple choice question 15 from the 2023 Post Utme Noun Accounting examination.

Post Utme Noun 2023 Accounting Objective / Multiple Choice
Question 15 POST_UTME_NOUN • 2023 • ACCOUNTING • objective

A company's profit and loss account shows the following balances: ₦50,000 debit to Sales and ₦60,000 credit to Sales. What is the correct journal entry to rectify this error?

Answer Options

Correct Answer A. ₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss
B. ₦10,000 debit to Profit or Loss and ₦10,000 credit to Sales
C. ₦10,000 debit to Sales and ₦10,000 credit to Cash
D. ₦10,000 debit to Cash and ₦10,000 credit to Sales
Correct Answer
A
Correct Option:
₦10,000 debit to Sales and ₦10,000 credit to Profit or Loss

About This Question

This is Post Utme Noun 2023 Accounting Question 15. It is one of the objective questions from the 2023 Post Utme Noun Accounting examination.

View More Post Utme Noun 2023 Accounting Questions More Post Utme Noun Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support