Post Utme Pan Atlantic University 2024 Accounting Question 4

Practice objective / multiple choice question 4 from the 2024 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2024 Accounting Objective / Multiple Choice
Question 4 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's control account for the 'Office Supplies' account shows a balance of ₦5,000. However, the company's accountant has informed you that the actual balance of office supplies on hand is ₦8,000. What journal entry would you make to correct this error?

Answer Options

Correct Answer A. Debit Office Supplies ₦3,000, Credit Office Supplies Expense ₦3,000
B. Debit Office Supplies ₦3,000, Credit Cash ₦3,000
C. Debit Office Supplies ₦5,000, Credit Office Supplies Expense ₦5,000
D. Debit Office Supplies ₦8,000, Credit Office Supplies Expense ₦8,000
Correct Answer
A
Correct Option:
Debit Office Supplies ₦3,000, Credit Office Supplies Expense ₦3,000

About This Question

This is Post Utme Pan Atlantic University 2024 Accounting Question 4. It is one of the objective questions from the 2024 Post Utme Pan Atlantic University Accounting examination.

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