Post Utme Unilag 2024 Accounting Question 3

Practice objective / multiple choice question 3 from the 2024 Post Utme Unilag Accounting examination.

Post Utme Unilag 2024 Accounting Objective / Multiple Choice
Question 3 POST_UTME_UNILAG • 2024 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company purchases an asset for ₦50,000 and pays ₦10,000 in cash, what is the journal entry to record the purchase?

Answer Options

Correct Answer A. Debit Asset ₦50,000, Credit Cash ₦10,000
B. Debit Cash ₦10,000, Credit Asset ₦50,000
C. Debit Asset ₦40,000, Credit Cash ₦10,000
D. Debit Cash ₦40,000, Credit Asset ₦10,000
Correct Answer
A
Correct Option:
Debit Asset ₦50,000, Credit Cash ₦10,000

About This Question

This is Post Utme Unilag 2024 Accounting Question 3. It is one of the objective questions from the 2024 Post Utme Unilag Accounting examination.

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