Post Utme Pan Atlantic University 2024 Accounting Question 19

Practice objective / multiple choice question 19 from the 2024 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2024 Accounting Objective / Multiple Choice
Question 19 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the single-entry system. The following transactions occurred during the year: January 1, 2024: Purchased office equipment for ₦50,000. February 15, 2024: Sold goods for ₦20,000. March 10, 2024: Purchased goods for ₦30,000. April 15, 2024: Sold goods for ₦25,000. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. January 1, 2024: Debit Office Equipment ₦50,000, Credit Cash ₦50,000. February 15, 2024: Debit Sales Revenue ₦20,000, Credit Cash ₦20,000. March 10, 2024: Debit Purchases ₦30,000, Credit Cash ₦30,000. April 15, 2024: Debit Sales Revenue ₦25,000, Credit Cash ₦25,000.
B. January 1, 2024: Debit Cash ₦50,000, Credit Office Equipment ₦50,000. February 15, 2024: Debit Cash ₦20,000, Credit Sales Revenue ₦20,000. March 10, 2024: Debit Purchases ₦30,000, Credit Cash ₦30,000. April 15, 2024: Debit Cash ₦25,000, Credit Sales Revenue ₦25,000.
C. January 1, 2024: Debit Office Equipment ₦50,000, Credit Cash ₦50,000. February 15, 2024: Debit Sales Revenue ₦20,000, Credit Cash ₦20,000. March 10, 2024: Debit Purchases ₦30,000, Credit Cash ₦30,000. April 15, 2024: Debit Sales Revenue ₦25,000, Credit Cash ₦25,000.
D. January 1, 2024: Debit Cash ₦50,000, Credit Office Equipment ₦50,000. February 15, 2024: Debit Sales Revenue ₦20,000, Credit Cash ₦20,000. March 10, 2024: Debit Purchases ₦30,000, Credit Cash ₦30,000. April 15, 2024: Debit Cash ₦25,000, Credit Sales Revenue ₦25,000.
Correct Answer
A
Correct Option:
January 1, 2024: Debit Office Equipment ₦50,000, Credit Cash ₦50,000. February 15, 2024: Debit Sales Revenue ₦20,000, Credit Cash ₦20,000. March 10, 2024: Debit Purchases ₦30,000, Credit Cash ₦30,000. April 15, 2024: Debit Sales Revenue ₦25,000, Credit Cash ₦25,000.

About This Question

This is Post Utme Pan Atlantic University 2024 Accounting Question 19. It is one of the objective questions from the 2024 Post Utme Pan Atlantic University Accounting examination.

View More Post Utme Pan Atlantic University 2024 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