Post Utme Summit University 2017 Accounting Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Summit University Accounting examination.

Post Utme Summit University 2017 Accounting Objective / Multiple Choice
Question 21 POST_UTME_SUMMIT_UNIVERSITY • 2017 • 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 record the correction of this error?

Answer Options

A. Debit Rent Paid ₦5,000, Credit Rent Received ₦5,000
B. Debit Rent Paid ₦15,000, Credit Rent Received ₦15,000
C. Debit Rent Received ₦20,000, Credit Rent Paid ₦20,000
Correct Answer D. Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000
Correct Answer
D
Correct Option:
Debit Rent Received ₦5,000, Credit Rent Paid ₦5,000

About This Question

This is Post Utme Summit University 2017 Accounting Question 21. It is one of the objective questions from the 2017 Post Utme Summit University Accounting examination.

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