Question 20
POST_UTME_SKYLINE_UNIVERSITY
•
2021
•
ACCOUNTING
•
objective
A company has the following ledger accounts:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦0 | ₦15,000 |
| Sales | ₦20,000 | ₦0 |
| Cost of Goods Sold | ₦0 | ₦18,000 |
| Net Income | ₦0 | ₦2,000 |
Prepare a corrected trial balance.
Answer Options
Correct Answer
A.
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦0 | ₦15,000 |
| Sales | ₦20,000 | ₦0 |
| Cost of Goods Sold | ₦18,000 | ₦0 |
| Net Income | ₦2,000 | ₦0 |
B.
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦15,000 | ₦0 |
| Sales | ₦20,000 | ₦0 |
| Cost of Goods Sold | ₦18,000 | ₦0 |
| Net Income | ₦2,000 | ₦0 |
C.
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦0 | ₦15,000 |
| Sales | ₦20,000 | ₦18,000 |
| Cost of Goods Sold | ₦0 | ₦18,000 |
| Net Income | ₦0 | ₦2,000 |
D.
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦0 | ₦15,000 |
| Sales | ₦20,000 | ₦0 |
| Cost of Goods Sold | ₦18,000 | ₦0 |
| Net Income | ₦2,000 | ₦0 |
Correct Answer
A
Correct Option:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦0 | ₦15,000 |
| Sales | ₦20,000 | ₦0 |
| Cost of Goods Sold | ₦18,000 | ₦0 |
| Net Income | ₦2,000 | ₦0 |
About This Question
This is
Post Utme Skyline University
2021
Accounting
Question 20.
It is one of the
objective
questions from the
2021
Post Utme Skyline University
Accounting
examination.