Post Utme Ui 2022 Accounting Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Ui Accounting examination.

Post Utme Ui 2022 Accounting Objective / Multiple Choice
Question 31 POST_UTME_UI • 2022 • ACCOUNTING • objective

A company uses the double-entry system to record its transactions. If the company's trial balance shows a debit balance of ₦120,000 in the account 'Accrued Expenses' and a credit balance of ₦80,000 in the account 'Accrued Income', what is the correct journal entry to record the accrual of expenses and income?

Answer Options

Correct Answer A. ₦120,000 debit to Accrued Expenses and ₦80,000 credit to Accrued Income
B. ₦80,000 debit to Accrued Expenses and ₦120,000 credit to Accrued Income
C. ₦120,000 credit to Accrued Expenses and ₦80,000 debit to Accrued Income
D. ₦80,000 credit to Accrued Expenses and ₦120,000 debit to Accrued Income
Correct Answer
A
Correct Option:
₦120,000 debit to Accrued Expenses and ₦80,000 credit to Accrued Income

About This Question

This is Post Utme Ui 2022 Accounting Question 31. It is one of the objective questions from the 2022 Post Utme Ui Accounting examination.

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