Post Utme Uniben 2021 Accounting Question 19

Practice objective / multiple choice question 19 from the 2021 Post Utme Uniben Accounting examination.

Post Utme Uniben 2021 Accounting Objective / Multiple Choice
Question 19 POST_UTME_UNIBEN • 2021 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company purchases an asset for ₦1,000,000 and pays for it in cash, what is the journal entry?

Answer Options

A. Debit Cash ₦1,000,000, Credit Asset ₦1,000,000
B. Debit Asset ₦1,000,000, Credit Cash ₦1,000,000
Correct Answer C. Debit Cash ₦1,000,000, Credit Asset ₦1,000,000
D. Debit Asset ₦1,000,000, Credit Cash ₦1,000,000
Correct Answer
C
Correct Option:
Debit Cash ₦1,000,000, Credit Asset ₦1,000,000

About This Question

This is Post Utme Uniben 2021 Accounting Question 19. It is one of the objective questions from the 2021 Post Utme Uniben Accounting examination.

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