Post Utme Skyline University 2021 Accounting Question 23

Practice objective / multiple choice question 23 from the 2021 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2021 Accounting Objective / Multiple Choice
Question 23 POST_UTME_SKYLINE_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦10,000 in the account 'Rent Expense' and a credit balance of ₦15,000 in the account 'Rent Received'. What is the correct journal entry to record the adjustment for the difference?

Answer Options

A. ₦5,000 debit to Rent Expense and ₦5,000 credit to Rent Received
Correct Answer B. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Expense
C. ₦10,000 debit to Rent Expense and ₦10,000 credit to Rent Received
D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Expense
Correct Answer
B
Correct Option:
₦5,000 debit to Rent Received and ₦5,000 credit to Rent Expense

About This Question

This is Post Utme Skyline University 2021 Accounting Question 23. It is one of the objective questions from the 2021 Post Utme Skyline University Accounting examination.

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