Post Utme Noun 2023 Accounting Question 40

Practice objective / multiple choice question 40 from the 2023 Post Utme Noun Accounting examination.

Post Utme Noun 2023 Accounting Objective / Multiple Choice

Question 40 POST_UTME_NOUN • 2023 • ACCOUNTING • objective

A company purchases a machine for ₦300,000 and pays ₦60,000 as cash and the balance by a bank loan. What is the journal entry to record the purchase?

A. ₦300,000 debit to Bank and ₦60,000 credit to Cash

Correct Answer B. ₦300,000 debit to Cash and ₦60,000 credit to Bank

C. ₦300,000 debit to Bank and ₦60,000 debit to Cash

D. ₦300,000 debit to Cash and ₦60,000 credit to Bank

Correct Answer

Correct Option:

₦300,000 debit to Cash and ₦60,000 credit to Bank

This is Post Utme Noun 2023 Accounting Question 40. It is one of the objective questions from the 2023 Post Utme Noun Accounting examination.

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