Post Utme Skyline University 2017 Accounting Question 39

Practice objective / multiple choice question 39 from the 2017 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2017 Accounting Objective / Multiple Choice
Question 39 POST_UTME_SKYLINE_UNIVERSITY • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for £ 10,000, Sold goods for £ 15,000, Paid cash £ 5,000. Prepare the journal entries for the transactions.

Answer Options

Correct Answer A. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Purchases £ 5,000
B. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Sales £ 5,000
C. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Purchases £ 5,000
D. Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Sales £ 5,000
Correct Answer
A
Correct Option:
Debit Purchases £ 10,000, Credit Cash £ 10,000, Debit Sales £ 15,000, Credit Cash £ 15,000, Debit Cash £ 5,000, Credit Purchases £ 5,000

About This Question

This is Post Utme Skyline University 2017 Accounting Question 39. It is one of the objective questions from the 2017 Post Utme Skyline University Accounting examination.

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