Post Utme Redeemers University 2021 Accounting Question 8

Practice objective / multiple choice question 8 from the 2021 Post Utme Redeemers University Accounting examination.

Post Utme Redeemers University 2021 Accounting Objective / Multiple Choice
Question 8 POST_UTME_REDEEMERS_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance 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 8. It is one of the objective questions from the 2021 Post Utme Redeemers University Accounting examination.

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