Post Utme Osustech 2018 Accounting Question 18

Practice objective / multiple choice question 18 from the 2018 Post Utme Osustech Accounting examination.

Post Utme Osustech 2018 Accounting Objective / Multiple Choice
Question 18 POST_UTME_OSUSTECH • 2018 • ACCOUNTING • objective

A company has the following transactions: Issued 1,000 shares of common stock at ₦10 per share, and purchased equipment for ₦50,000. Prepare the journal entries for these transactions.

Answer Options

Correct Answer A. Debit Common Stock ₦10,000, Credit Cash ₦10,000
B. Debit Equipment ₦50,000, Credit Cash ₦50,000
C. Debit Common Stock ₦10,000, Credit Cash ₦10,000
D. Debit Equipment ₦50,000, Credit Common Stock ₦50,000
Correct Answer
A
Correct Option:
Debit Common Stock ₦10,000, Credit Cash ₦10,000

About This Question

This is Post Utme Osustech 2018 Accounting Question 18. It is one of the objective questions from the 2018 Post Utme Osustech Accounting examination.

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