Post Utme Skyline University 2022 Accounting Question 10

Practice objective / multiple choice question 10 from the 2022 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2022 Accounting Objective / Multiple Choice
Question 10 POST_UTME_SKYLINE_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦20,000 in the account 'Accrued Expenses' and a credit balance of ₦15,000 in the account 'Accrued Income'. What is the correct journal entry to correct this discrepancy?

Answer Options

A. Debit Accrued Income by ₦5,000 and Credit Accrued Expenses by ₦5,000
Correct Answer B. Debit Accrued Expenses by ₦5,000 and Credit Accrued Income by ₦5,000
C. Debit Accrued Income by ₦20,000 and Credit Accrued Expenses by ₦20,000
D. Debit Accrued Expenses by ₦20,000 and Credit Accrued Income by ₦20,000
Correct Answer
B
Correct Option:
Debit Accrued Expenses by ₦5,000 and Credit Accrued Income by ₦5,000

About This Question

This is Post Utme Skyline University 2022 Accounting Question 10. It is one of the objective questions from the 2022 Post Utme Skyline University Accounting examination.

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