Post Utme Pan Atlantic University 2018 Accounting Question 26

Practice objective / multiple choice question 26 from the 2018 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2018 Accounting Objective / Multiple Choice
Question 26 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2018 • ACCOUNTING • objective

A company has a cash book balance of ₦250,000 and a bank statement balance of ₦300,000. The bank statement shows a credit balance of ₦10,000 for an outstanding cheque. What is the correct journal entry to reconcile the cash book and bank statement?

Answer Options

Correct Answer A. ₦250,000 debit Cash, ₦10,000 credit Outstanding Cheque
B. ₦300,000 debit Bank, ₦50,000 credit Outstanding Cheque
C. ₦250,000 credit Cash, ₦10,000 debit Outstanding Cheque
D. ₦300,000 credit Bank, ₦50,000 debit Outstanding Cheque
Correct Answer
A
Correct Option:
₦250,000 debit Cash, ₦10,000 credit Outstanding Cheque

About This Question

This is Post Utme Pan Atlantic University 2018 Accounting Question 26. It is one of the objective questions from the 2018 Post Utme Pan Atlantic University Accounting examination.

View More Post Utme Pan Atlantic University 2018 Accounting Questions More Post Utme Pan Atlantic University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support