Post Utme Summit University 2022 Accounting Question 14

Practice objective / multiple choice question 14 from the 2022 Post Utme Summit University Accounting examination.

Post Utme Summit University 2022 Accounting Objective / Multiple Choice
Question 14 POST_UTME_SUMMIT_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance as at 31st December 2022 is as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Office Equipment | | ₦60,000 | | Rent Received | | ₦80,000 | | Salaries | ₦30,000 | | | Office Supplies | ₦10,000 | | | | | | The company has the following errors in the trial balance: | Error | Amount | | --- | --- | | Omission of a receipt of ₦1,500 from a customer | ₦1,500 | | Overstatement of office supplies by ₦2,000 | ₦2,000 | Prepare the correcting journal entries for the above errors.

Answer Options

Correct Answer A. Debit Cash ₦1,500, Credit Rent Received ₦1,500, Debit Office Supplies ₦2,000, Credit Profit and Loss Account ₦2,000
B. Debit Rent Received ₦1,500, Credit Cash ₦1,500, Debit Office Supplies ₦2,000, Credit Profit and Loss Account ₦2,000
C. Debit Office Supplies ₦2,000, Credit Profit and Loss Account ₦2,000
D. Debit Cash ₦1,500, Credit Rent Received ₦1,500, Debit Office Supplies ₦2,000, Credit Profit and Loss Account ₦2,000
Correct Answer
A
Correct Option:
Debit Cash ₦1,500, Credit Rent Received ₦1,500, Debit Office Supplies ₦2,000, Credit Profit and Loss Account ₦2,000

About This Question

This is Post Utme Summit University 2022 Accounting Question 14. It is one of the objective questions from the 2022 Post Utme Summit University Accounting examination.

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