Post Utme Oau 2019 Accounting Question 7

Practice objective / multiple choice question 7 from the 2019 Post Utme Oau Accounting examination.

Post Utme Oau 2019 Accounting Objective / Multiple Choice
Question 7 POST_UTME_OAU • 2019 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 80,000, and Common Stock ₦ 200,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?

Answer Options

A. Debit Accounts Payable ₦ 80,000, Credit Purchases ₦ 80,000
Correct Answer B. Debit Purchases ₦ 80,000, Credit Accounts Payable ₦ 80,000
C. Debit Purchases ₦ 80,000, Credit Cash ₦ 80,000
D. Debit Accounts Payable ₦ 80,000, Credit Purchases ₦ 80,000
Correct Answer
B
Correct Option:
Debit Purchases ₦ 80,000, Credit Accounts Payable ₦ 80,000

About This Question

This is Post Utme Oau 2019 Accounting Question 7. It is one of the objective questions from the 2019 Post Utme Oau Accounting examination.

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