Post Utme Ui 2018 Accounting Question 31

Practice objective / multiple choice question 31 from the 2018 Post Utme Ui Accounting examination.

Post Utme Ui 2018 Accounting Objective / Multiple Choice
Question 31 POST_UTME_UI • 2018 • ACCOUNTING • objective

A company uses the double-entry system of accounting. The following transactions occurred during the year: (i) Purchased office supplies for ₦10,000 cash, (ii) Sold goods for ₦50,000 on credit, (iii) Purchased a machine for ₦80,000 on credit, (iv) Paid salaries of ₦20,000 cash, and (v) Collected cash from customers of ₦30,000. Prepare the ledger accounts for office supplies and salaries.

Answer Options

Correct Answer A. Office Supplies: Debit: ₦10,000, Credit: ₦10,000; Salaries: Debit: ₦20,000, Credit: ₦20,000
B. Office Supplies: Debit: ₦10,000, Credit: ₦0; Salaries: Debit: ₦0, Credit: ₦20,000
C. Office Supplies: Debit: ₦0, Credit: ₦10,000; Salaries: Debit: ₦20,000, Credit: ₦0
D. Office Supplies: Debit: ₦10,000, Credit: ₦0; Salaries: Debit: ₦0, Credit: ₦0
Correct Answer
A
Correct Option:
Office Supplies: Debit: ₦10,000, Credit: ₦10,000; Salaries: Debit: ₦20,000, Credit: ₦20,000

About This Question

This is Post Utme Ui 2018 Accounting Question 31. It is one of the objective questions from the 2018 Post Utme Ui Accounting examination.

View More Post Utme Ui 2018 Accounting Questions More Post Utme Ui Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support