Post Utme Skyline University 2024 Accounting Question 29

Practice objective / multiple choice question 29 from the 2024 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2024 Accounting Objective / Multiple Choice
Question 29 POST_UTME_SKYLINE_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the accrual method of accounting. The company has a credit balance in its accounts payable account of ₦150,000. The company also has a debit balance in its accounts receivable account of ₦200,000. Prepare a journal entry to record the adjustment for the accrual.

Answer Options

A. Debit Accounts Payable ₦150,000, Credit Accounts Receivable ₦200,000
Correct Answer B. Debit Accounts Receivable ₦200,000, Credit Accounts Payable ₦150,000
C. Debit Accounts Payable ₦200,000, Credit Accounts Receivable ₦150,000
D. Debit Accounts Receivable ₦150,000, Credit Accounts Payable ₦200,000
Correct Answer
B
Correct Option:
Debit Accounts Receivable ₦200,000, Credit Accounts Payable ₦150,000

About This Question

This is Post Utme Skyline University 2024 Accounting Question 29. It is one of the objective questions from the 2024 Post Utme Skyline University Accounting examination.

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