Post Utme Summit University 2025 Accounting Question 11

Practice objective / multiple choice question 11 from the 2025 Post Utme Summit University Accounting examination.

Post Utme Summit University 2025 Accounting Objective / Multiple Choice
Question 11 POST_UTME_SUMMIT_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' while the corresponding credit balance in the account 'Rent Paid' is ₦20,000. What is the correct journal entry to rectify this error?

Answer Options

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

About This Question

This is Post Utme Summit University 2025 Accounting Question 11. It is one of the objective questions from the 2025 Post Utme Summit University Accounting examination.

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