Post Utme Redeemers University 2021 Accounting Question 10

Practice objective / multiple choice question 10 from the 2021 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2021 Accounting Objective / Multiple Choice
Question 10 POST_UTME_REDEEMERS_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's ledger shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦60,000. Prepare the adjusting entries for these transactions.

Answer Options

Correct Answer A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦50,000
B. Debit Sales Revenue ₦100,000, Credit Cost of Goods Sold ₦60,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦60,000
D. Debit Sales Revenue ₦100,000, Credit Accounts Payable ₦50,000
Correct Answer
A
Correct Option:
Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦50,000

About This Question

This is Post Utme Redeemers University 2021 Accounting Question 10. It is one of the objective questions from the 2021 Post Utme Redeemers University Accounting examination.

View More Post Utme Redeemers University 2021 Accounting Questions More Post Utme Redeemers 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