Post Utme Skyline University 2023 Accounting Question 23

Practice objective / multiple choice question 23 from the 2023 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2023 Accounting Objective / Multiple Choice
Question 23 POST_UTME_SKYLINE_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for £ 5,000 on credit, Sold goods for £ 6,000 on credit, and Paid cash £ 2,000 to a creditor. Prepare the ledger accounts for the company.

Answer Options

Correct Answer A. Debit Purchases £ 5,000, Credit Cash £ 5,000, Debit Sales £ 6,000, Credit Cash £ 6,000, Debit Cash £ 2,000, Credit Creditor £ 2,000
B. Debit Purchases £ 5,000, Credit Cash £ 5,000, Debit Sales £ 6,000, Credit Cash £ 6,000, Debit Creditor £ 2,000, Credit Cash £ 2,000
C. Debit Purchases £ 5,000, Credit Cash £ 5,000, Debit Sales £ 6,000, Credit Cash £ 6,000, Debit Creditor £ 2,000, Credit Purchases £ 2,000
D. Debit Purchases £ 5,000, Credit Cash £ 5,000, Debit Sales £ 6,000, Credit Cash £ 6,000, Debit Purchases £ 2,000, Credit Creditor £ 2,000
Correct Answer
A
Correct Option:
Debit Purchases £ 5,000, Credit Cash £ 5,000, Debit Sales £ 6,000, Credit Cash £ 6,000, Debit Cash £ 2,000, Credit Creditor £ 2,000

About This Question

This is Post Utme Skyline University 2023 Accounting Question 23. It is one of the objective questions from the 2023 Post Utme Skyline University Accounting examination.

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