Post Utme Summit University 2022 Accounting Question 15

Practice objective / multiple choice question 15 from the 2022 Post Utme Summit University Accounting examination.

Post Utme Summit University 2022 Accounting Objective / Multiple Choice
Question 15 POST_UTME_SUMMIT_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦10,000 in the account 'Rent Received' and a credit balance of ₦5,000 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?

Answer Options

A. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
Correct Answer B. ₦10,000 debit to Rent Received and ₦5,000 credit to Rent Paid
C. ₦5,000 debit to Rent Paid and ₦10,000 credit to Rent Received
D. ₦10,000 debit to Rent Paid and ₦5,000 credit to Rent Received
Correct Answer
B
Correct Option:
₦10,000 debit to Rent Received and ₦5,000 credit to Rent Paid

About This Question

This is Post Utme Summit University 2022 Accounting Question 15. It is one of the objective questions from the 2022 Post Utme Summit University Accounting examination.

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