Post Utme Redeemers University 2017 Accounting Question 29

Practice objective / multiple choice question 29 from the 2017 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2017 Accounting Objective / Multiple Choice
Question 29 POST_UTME_REDEEMERS_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's control account shows a balance of ₦50,000 in the account 'Sales' and a balance of ₦40,000 in the account 'Purchases'. What is the correct journal entry to correct this error?

Answer Options

A. ₦10,000 debit to Sales and ₦10,000 credit to Purchases
Correct Answer B. ₦10,000 credit to Sales and ₦10,000 debit to Purchases
C. ₦50,000 debit to Sales and ₦40,000 credit to Purchases
D. ₦40,000 debit to Sales and ₦50,000 credit to Purchases
Correct Answer
B
Correct Option:
₦10,000 credit to Sales and ₦10,000 debit to Purchases

About This Question

This is Post Utme Redeemers University 2017 Accounting Question 29. It is one of the objective questions from the 2017 Post Utme Redeemers University Accounting examination.

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