Post Utme Skyline University 2022 Accounting Question 6

Practice objective / multiple choice question 6 from the 2022 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2022 Accounting Objective / Multiple Choice
Question 6 POST_UTME_SKYLINE_UNIVERSITY • 2022 • ACCOUNTING • objective

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

Answer Options

A. Debit Rent Paid by ₦5,000 and Credit Rent Received by ₦5,000
Correct Answer B. Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000
C. Debit Rent Paid by ₦20,000 and Credit Rent Received by ₦20,000
D. Debit Rent Received by ₦20,000 and Credit Rent Paid by ₦20,000
Correct Answer
B
Correct Option:
Debit Rent Received by ₦5,000 and Credit Rent Paid by ₦5,000

About This Question

This is Post Utme Skyline University 2022 Accounting Question 6. It is one of the objective questions from the 2022 Post Utme Skyline University Accounting examination.

View More Post Utme Skyline University 2022 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