Post Utme Osustech 2020 Accounting Question 29

Practice objective / multiple choice question 29 from the 2020 Post Utme Osustech Accounting examination.

Post Utme Osustech 2020 Accounting Objective / Multiple Choice
Question 29 POST_UTME_OSUSTECH • 2020 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦80,000 on credit, sold goods for ₦100,000 on credit, and paid cash of ₦20,000 to a creditor. Prepare the ledger accounts for the above transactions.

Answer Options

A. Purchases: Debit ₦80,000, Credit Accounts Payable ₦80,000
B. Sales: Debit ₦100,000, Credit Accounts Receivable ₦100,000
Correct Answer C. Cash: Debit ₦20,000, Credit Accounts Payable ₦20,000
D. Purchases: Debit ₦80,000, Credit Cash ₦80,000
Correct Answer
C
Correct Option:
Cash: Debit ₦20,000, Credit Accounts Payable ₦20,000

About This Question

This is Post Utme Osustech 2020 Accounting Question 29. It is one of the objective questions from the 2020 Post Utme Osustech Accounting examination.

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