Post Utme Pan Atlantic University 2024 Accounting Question 5

Practice objective / multiple choice question 5 from the 2024 Post Utme Pan Atlantic University Accounting examination.

Post Utme Pan Atlantic University 2024 Accounting Objective / Multiple Choice
Question 5 POST_UTME_PAN-ATLANTIC_UNIVERSITY • 2024 • ACCOUNTING • objective

A company purchases a machine for ₦50,000 and pays ₦10,000 as cash and the balance on account. Prepare the journal entry to record the purchase of the machine.

Answer Options

Correct Answer A. Debit Machine ₦50,000, Credit Cash ₦10,000, Credit Accounts Payable ₦40,000
B. Debit Machine ₦50,000, Credit Cash ₦40,000, Credit Accounts Payable ₦10,000
C. Debit Machine ₦50,000, Credit Cash ₦50,000
D. Debit Machine ₦50,000, Credit Accounts Payable ₦50,000
Correct Answer
A
Correct Option:
Debit Machine ₦50,000, Credit Cash ₦10,000, Credit Accounts Payable ₦40,000

About This Question

This is Post Utme Pan Atlantic University 2024 Accounting Question 5. 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