Post Utme Oau 2022 Accounting Question 26

Practice objective / multiple choice question 26 from the 2022 Post Utme Oau Accounting examination.

Post Utme Oau 2022 Accounting Objective / Multiple Choice
Question 26 POST_UTME_OAU • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Office Equipment'. However, the company's accountant has informed you that the correct value of the office equipment is ₦20,000. What is the correct journal entry to record the correction?

Answer Options

Correct Answer A. ₦5,000 debit to Office Equipment and ₦5,000 credit to Profit and Loss Account
B. ₦5,000 debit to Profit and Loss Account and ₦5,000 credit to Office Equipment
C. ₦10,000 debit to Office Equipment and ₦10,000 credit to Profit and Loss Account
D. ₦10,000 debit to Profit and Loss Account and ₦10,000 credit to Office Equipment
Correct Answer
A
Correct Option:
₦5,000 debit to Office Equipment and ₦5,000 credit to Profit and Loss Account

About This Question

This is Post Utme Oau 2022 Accounting Question 26. It is one of the objective questions from the 2022 Post Utme Oau Accounting examination.

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