Post Utme Osustech 2018 Accounting Question 16

Practice objective / multiple choice question 16 from the 2018 Post Utme Osustech Accounting examination.

Post Utme Osustech 2018 Accounting Objective / Multiple Choice
Question 16 POST_UTME_OSUSTECH • 2018 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash of ₦20,000. Prepare the journal entries for these transactions.

Answer Options

Correct Answer A. Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Sales ₦120,000, Credit Accounts Receivable ₦120,000
C. Debit Cash ₦20,000, Credit Purchases ₦20,000
D. Debit Purchases ₦100,000, Credit Sales ₦120,000
Correct Answer
A
Correct Option:
Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000

About This Question

This is Post Utme Osustech 2018 Accounting Question 16. It is one of the objective questions from the 2018 Post Utme Osustech Accounting examination.

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