Post Utme Pan Atlantic University 2024 Accounting Question 31

Practice objective / multiple choice question 31 from the 2024 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2024 Accounting Objective / Multiple Choice
Question 31 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Expense' account. However, the company's accounting records show that the rent expense for the year was actually ₦20,000. What is the correct journal entry to record the correction?

Answer Options

A. Debit Rent Expense ₦5,000, Credit Cash ₦5,000
Correct Answer B. Debit Rent Expense ₦5,000, Credit Rent Payable ₦5,000
C. Debit Rent Expense ₦5,000, Credit Rent Expense ₦5,000
D. Debit Rent Expense ₦5,000, Credit Cash ₦5,000
Correct Answer
B
Correct Option:
Debit Rent Expense ₦5,000, Credit Rent Payable ₦5,000

About This Question

This is Post Utme Pan Atlantic University 2024 Accounting Question 31. It is one of the objective questions from the 2024 Post Utme Pan Atlantic University Accounting examination.

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