Post Utme Pan Atlantic University 2021 Accounting Question 29

Practice objective / multiple choice question 29 from the 2021 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2021 Accounting Objective / Multiple Choice
Question 29 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: Purchased office equipment for ₦120,000; sold office equipment for ₦80,000; purchased office equipment for ₦100,000. Prepare the journal entries for the above transactions.

Answer Options

A. Debit Office Equipment ₦120,000, Credit Cash ₦120,000
B. Debit Office Equipment ₦220,000, Credit Cash ₦220,000
Correct Answer C. Debit Office Equipment ₦220,000, Credit Cash ₦180,000
D. Debit Office Equipment ₦220,000, Credit Cash ₦120,000
Correct Answer
C
Correct Option:
Debit Office Equipment ₦220,000, Credit Cash ₦180,000

About This Question

This is Post Utme Pan Atlantic University 2021 Accounting Question 29. It is one of the objective questions from the 2021 Post Utme Pan Atlantic University Accounting examination.

View More Post Utme Pan Atlantic University 2021 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