Post Utme Rhema University 2021 Accounting Question 26

Practice objective / multiple choice question 26 from the 2021 Post Utme Rhema University Accounting examination.

Post Utme Rhema University 2021 Accounting Objective / Multiple Choice
Question 26 POST_UTME_RHEMA_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows an error of ₦1,000 due to an incorrect posting of an account. The error is discovered during the preparation of the financial statements. The company's accountant has prepared the following journal entry to correct the error: Debit: ₦1,000, Credit: ₦1,000. What is the correct journal entry to correct the error?

Answer Options

Correct Answer A. Debit: ₦1,000, Credit: ₦1,000
B. Debit: ₦1,000, Credit: ₦1,000 (to correct the error)
C. Debit: ₦1,000, Credit: ₦1,000 (to correct the error in the trial balance)
D. Debit: ₦1,000, Credit: ₦1,000 (to correct the error in the financial statements)
Correct Answer
A
Correct Option:
Debit: ₦1,000, Credit: ₦1,000

About This Question

This is Post Utme Rhema University 2021 Accounting Question 26. It is one of the objective questions from the 2021 Post Utme Rhema University Accounting examination.

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