Post Utme Summit University 2021 Accounting Question 8

Practice objective / multiple choice question 8 from the 2021 Post Utme Summit University Accounting examination.

Post Utme Summit University 2021 Accounting Objective / Multiple Choice
Question 8 POST_UTME_SUMMIT_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and purchased office equipment for ₦50,000 in cash. Prepare the journal entries for these transactions.

Answer Options

A. Debit Purchases ₦100,000, Credit Accounts Payable ₦100,000
B. Debit Sales ₦120,000, Credit Accounts Receivable ₦120,000
Correct Answer C. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
D. Debit Purchases ₦100,000, Credit Cash ₦100,000
Correct Answer
C
Correct Option:
Debit Office Equipment ₦50,000, Credit Cash ₦50,000

About This Question

This is Post Utme Summit University 2021 Accounting Question 8. It is one of the objective questions from the 2021 Post Utme Summit University Accounting examination.

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