Post Utme Skyline University 2021 Accounting Question 8

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

Post Utme Skyline University 2021 Accounting Objective / Multiple Choice
Question 8 POST_UTME_SKYLINE_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's single entry system shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | ₦10,000 | ₦0 | | 1st Jan | Sales | ₦0 | ₦10,000 | | 5th Jan | Purchases | ₦8,000 | ₦0 | | 5th Jan | Wages | ₦2,000 | ₦0 | Prepare the journal entries for the following: (i) Cash, (ii) Sales, (iii) Purchases, and (iv) Wages.

Answer Options

Correct Answer A. Cash: Debit ₦10,000; Credit ₦0; Sales: Debit ₦0; Credit ₦10,000; Purchases: Debit ₦8,000; Credit ₦0; Wages: Debit ₦2,000; Credit ₦0
B. Cash: Debit ₦0; Credit ₦10,000; Sales: Debit ₦10,000; Credit ₦0; Purchases: Debit ₦8,000; Credit ₦0; Wages: Debit ₦2,000; Credit ₦0
C. Cash: Debit ₦10,000; Credit ₦0; Sales: Debit ₦0; Credit ₦10,000; Purchases: Debit ₦8,000; Credit ₦0; Wages: Debit ₦2,000; Credit ₦0
D. Cash: Debit ₦0; Credit ₦10,000; Sales: Debit ₦0; Credit ₦10,000; Purchases: Debit ₦8,000; Credit ₦0; Wages: Debit ₦2,000; Credit ₦0
Correct Answer
A
Correct Option:
Cash: Debit ₦10,000; Credit ₦0; Sales: Debit ₦0; Credit ₦10,000; Purchases: Debit ₦8,000; Credit ₦0; Wages: Debit ₦2,000; Credit ₦0

About This Question

This is Post Utme Skyline University 2021 Accounting Question 8. It is one of the objective questions from the 2021 Post Utme Skyline University Accounting examination.

View More Post Utme Skyline University 2021 Accounting Questions More Post Utme Skyline University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support