Post Utme Summit University 2022 Accounting Question 13

Practice objective / multiple choice question 13 from the 2022 Post Utme Summit University Accounting examination.

Post Utme Summit University 2022 Accounting Objective / Multiple Choice
Question 13 POST_UTME_SUMMIT_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's balance sheet as at 31st December 2022 is as follows: | Assets | ₦ | Liabilities | ₦ | Equity | ₦ | | --- | --- | --- | --- | --- | --- | | Cash | 50,000 | Bank Loan | 100,000 | Share Capital | 200,000 | | Office Equipment | 150,000 | Rent Received | 120,000 | Profit and Loss Account | 50,000 | | Office Supplies | 20,000 | | | | | | | | | | | The company has the following transactions for the year 2023: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦50,000 | | | 2-Jan | Office Equipment | | ₦60,000 | | 3-Jan | Rent Received | | ₦80,000 | | 4-Jan | Salaries | ₦30,000 | | | 5-Jan | Office Supplies | ₦10,000 | | Prepare the ledger accounts for the above transactions.

Answer Options

Correct Answer A. Debit Cash ₦50,000, Credit Office Equipment ₦60,000, Credit Rent Received ₦80,000, Debit Salaries ₦30,000, Debit Office Supplies ₦10,000
B. Debit Cash ₦50,000, Credit Office Equipment ₦60,000, Debit Rent Received ₦80,000, Debit Salaries ₦30,000, Debit Office Supplies ₦10,000
C. Debit Office Equipment ₦60,000, Credit Rent Received ₦80,000, Debit Salaries ₦30,000, Debit Office Supplies ₦10,000
D. Debit Cash ₦50,000, Credit Office Equipment ₦60,000, Credit Rent Received ₦80,000, Credit Salaries ₦30,000, Credit Office Supplies ₦10,000
Correct Answer
A
Correct Option:
Debit Cash ₦50,000, Credit Office Equipment ₦60,000, Credit Rent Received ₦80,000, Debit Salaries ₦30,000, Debit Office Supplies ₦10,000

About This Question

This is Post Utme Summit University 2022 Accounting Question 13. It is one of the objective questions from the 2022 Post Utme Summit University Accounting examination.

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