Post Utme Pan Atlantic University 2022 Accounting Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2022 Accounting Objective / Multiple Choice
Question 1 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

Answer Options

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
Correct Answer B. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
C. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
D. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
Correct Answer
B
Correct Option:
₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received

About This Question

This is Post Utme Pan Atlantic University 2022 Accounting Question 1. It is one of the objective questions from the 2022 Post Utme Pan Atlantic University Accounting examination.

View More Post Utme Pan Atlantic University 2022 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