Post Utme Redeemers University 2018 Accounting Question 20

Practice objective / multiple choice question 20 from the 2018 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2018 Accounting Objective / Multiple Choice
Question 20 POST_UTME_REDEEMERS_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that the rent received was ₦10,000. What is the correct journal entry to correct the error?

Answer Options

Correct Answer A. ₦5,000 debit to Rent Received and ₦5,000 credit to Cash
B. ₦10,000 debit to Rent Received and ₦10,000 credit to Cash
C. ₦15,000 debit to Rent Received and ₦15,000 credit to Cash
D. ₦20,000 debit to Rent Received and ₦20,000 credit to Cash
Correct Answer
A
Correct Option:
₦5,000 debit to Rent Received and ₦5,000 credit to Cash

About This Question

This is Post Utme Redeemers University 2018 Accounting Question 20. It is one of the objective questions from the 2018 Post Utme Redeemers University Accounting examination.

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