Post Utme Skyline University 2024 Accounting Question 21

Practice objective / multiple choice question 21 from the 2024 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2024 Accounting Objective / Multiple Choice
Question 21 POST_UTME_SKYLINE_UNIVERSITY • 2024 • 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 error?

Answer Options

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
B. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
Correct Answer C. ₦15,000 debit to Rent Received and ₦15,000 credit to Rent Paid
D. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
Correct Answer
C
Correct Option:
₦15,000 debit to Rent Received and ₦15,000 credit to Rent Paid

About This Question

This is Post Utme Skyline University 2024 Accounting Question 21. It is one of the objective questions from the 2024 Post Utme Skyline University Accounting examination.

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