Post Utme Pan Atlantic University 2024 Accounting Question 34

Practice objective / multiple choice question 34 from the 2024 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2024 Accounting Objective / Multiple Choice
Question 34 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦20,000 in the 'Salaries Expense' account. However, the company's accounting records show that the salaries expense for the year was actually ₦30,000. What is the correct journal entry to record the correction?

Answer Options

A. Debit Salaries Expense ₦10,000, Credit Cash ₦10,000
Correct Answer B. Debit Salaries Expense ₦10,000, Credit Salaries Payable ₦10,000
C. Debit Salaries Expense ₦10,000, Credit Salaries Expense ₦10,000
D. Debit Salaries Expense ₦10,000, Credit Cash ₦10,000
Correct Answer
B
Correct Option:
Debit Salaries Expense ₦10,000, Credit Salaries Payable ₦10,000

About This Question

This is Post Utme Pan Atlantic University 2024 Accounting Question 34. It is one of the objective questions from the 2024 Post Utme Pan Atlantic University Accounting examination.

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