Post Utme Skyline University 2024 Accounting Question 35

Practice objective / multiple choice question 35 from the 2024 Post Utme Skyline University Accounting examination.

Post Utme Skyline University 2024 Accounting Objective / Multiple Choice
Question 35 POST_UTME_SKYLINE_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's financial statements show the following balances: Cash ₦100,000, Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. Prepare the journal entries for the above transactions.

Answer Options

A. Debit Cash ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Accounts Receivable ₦30,000, Credit Sales Revenue ₦30,000
C. Debit Cost of Goods Sold ₦150,000, Credit Sales Revenue ₦150,000
Correct Answer D. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦50,000
Correct Answer
D
Correct Option:
Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦50,000

About This Question

This is Post Utme Skyline University 2024 Accounting Question 35. It is one of the objective questions from the 2024 Post Utme Skyline University Accounting examination.

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