Post Utme Skyline University 2022 Accounting Question 32

Practice objective / multiple choice question 32 from the 2022 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2022 Accounting Objective / Multiple Choice
Question 32 POST_UTME_SKYLINE_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Accrued Expenses' account. However, the company's accounting records indicate that the actual amount of accrued expenses is ₦20,000. What is the correct journal entry to record the correction?

Answer Options

A. Debit Accrued Expenses ₦5,000, Credit Profit and Loss Account ₦5,000
Correct Answer B. Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000
C. Debit Accrued Expenses ₦5,000, Credit Cash ₦5,000
D. Debit Cash ₦5,000, Credit Accrued Expenses ₦5,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ₦5,000, Credit Accrued Expenses ₦5,000

About This Question

This is Post Utme Skyline University 2022 Accounting Question 32. It is one of the objective questions from the 2022 Post Utme Skyline University Accounting examination.

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