Post Utme Osustech 2020 Accounting Question 38

Practice objective / multiple choice question 38 from the 2020 Post Utme Osustech Accounting examination.

Post Utme Osustech 2020 Accounting Objective / Multiple Choice
Question 38 POST_UTME_OSUSTECH • 2020 • ACCOUNTING • objective

A company uses the single-entry system of accounting. From the following transactions, determine the correct journal entry for the purchase of equipment for ₦120,000.

Answer Options

Correct Answer A. Debit Equipment ₦120,000, Credit Cash ₦120,000
B. Debit Equipment ₦120,000, Credit Bank ₦120,000
C. Debit Bank ₦120,000, Credit Equipment ₦120,000
D. Debit Cash ₦120,000, Credit Bank ₦120,000
Correct Answer
A
Correct Option:
Debit Equipment ₦120,000, Credit Cash ₦120,000

About This Question

This is Post Utme Osustech 2020 Accounting Question 38. It is one of the objective questions from the 2020 Post Utme Osustech Accounting examination.

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