Post Utme Oau 2022 Accounting Question 29

Practice objective / multiple choice question 29 from the 2022 Post Utme Oau Accounting examination.

Post Utme Oau 2022 Accounting Objective / Multiple Choice
Question 29 POST_UTME_OAU • 2022 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦10,000 in the account 'Accrued Expenses'. However, the company's accountant has informed you that the correct value of the accrued expenses is ₦15,000. What is the correct journal entry to record the correction?

Answer Options

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

About This Question

This is Post Utme Oau 2022 Accounting Question 29. It is one of the objective questions from the 2022 Post Utme Oau Accounting examination.

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