Post Utme Uniben 2018 Accounting Question 2

Practice objective / multiple choice question 2 from the 2018 Post Utme Uniben Accounting examination.

Post Utme Uniben 2018 Accounting Objective / Multiple Choice
Question 2 POST_UTME_UNIBEN • 2018 • ACCOUNTING • objective

A firm has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | 10,000 | 0 | | Accounts Payable | 0 | 5,000 | | Sales Revenue | 0 | 20,000 | | Cost of Goods Sold | 15,000 | 0 | | Net Income | 0 | 0 | | Total | 25,000 | 25,000 | What is the correct journal entry to correct the error in the trial balance?

Answer Options

A. Debit Cash ₦ 5,000, Credit Accounts Payable ₦ 5,000
Correct Answer B. Debit Sales Revenue ₦ 5,000, Credit Cost of Goods Sold ₦ 5,000
C. Debit Net Income ₦ 5,000, Credit Retained Earnings ₦ 5,000
D. Debit Cash ₦ 10,000, Credit Accounts Payable ₦ 10,000
Correct Answer
B
Correct Option:
Debit Sales Revenue ₦ 5,000, Credit Cost of Goods Sold ₦ 5,000

About This Question

This is Post Utme Uniben 2018 Accounting Question 2. It is one of the objective questions from the 2018 Post Utme Uniben Accounting examination.

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