Post Utme Skyline University 2023 Accounting Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2023 Accounting Objective / Multiple Choice
Question 1 POST_UTME_SKYLINE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the accounts receivable account. However, the company's accountant has informed you that the correct balance should be a credit balance of ₦20,000. What is the correct journal entry to correct this error?

Answer Options

A. ₦50,000 debit to accounts receivable, ₦20,000 credit to accounts receivable
Correct Answer B. ₦20,000 debit to accounts receivable, ₦50,000 credit to accounts receivable
C. ₦50,000 credit to accounts receivable, ₦20,000 debit to accounts receivable
D. ₦20,000 credit to accounts receivable, ₦50,000 debit to accounts receivable
Correct Answer
B
Correct Option:
₦20,000 debit to accounts receivable, ₦50,000 credit to accounts receivable

About This Question

This is Post Utme Skyline University 2023 Accounting Question 1. It is one of the objective questions from the 2023 Post Utme Skyline University Accounting examination.

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