Post Utme Osustech 2020 Accounting Question 31

Practice objective / multiple choice question 31 from the 2020 Post Utme Osustech Accounting examination.

Post Utme Osustech 2020 Accounting Objective / Multiple Choice
Question 31 POST_UTME_OSUSTECH • 2020 • 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 ₦30,000 to a creditor. Prepare the journal entries for the above transactions.

Answer Options

A. Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Sales ₦120,000, Credit Accounts Receivable ₦120,000
Correct Answer C. Debit Cash ₦30,000, Credit Accounts Payable ₦30,000
D. Debit Purchases ₦100,000, Credit Cash ₦100,000
Correct Answer
C
Correct Option:
Debit Cash ₦30,000, Credit Accounts Payable ₦30,000

About This Question

This is Post Utme Osustech 2020 Accounting Question 31. It is one of the objective questions from the 2020 Post Utme Osustech Accounting examination.

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