Post Utme Unilorin 2024 Accounting Question 26

Practice objective / multiple choice question 26 from the 2024 Post Utme Unilorin Accounting examination.

Post Utme Unilorin 2024 Accounting Objective / Multiple Choice
Question 26 POST_UTME_UNILORIN • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the 'Rent Received' account. However, the company's accounting records show that it has not received any rent from tenants. What is the correct treatment for this discrepancy?

Answer Options

A. Debit the 'Rent Received' account by ₦15,000
B. Credit the 'Rent Received' account by ₦15,000
C. Debit the 'Rent Received' account by ₦15,000 and credit the 'Rent Paid' account by ₦15,000
Correct Answer D. Credit the 'Rent Received' account by ₦15,000 and debit the 'Rent Paid' account by ₦15,000
Correct Answer
D
Correct Option:
Credit the 'Rent Received' account by ₦15,000 and debit the 'Rent Paid' account by ₦15,000

About This Question

This is Post Utme Unilorin 2024 Accounting Question 26. It is one of the objective questions from the 2024 Post Utme Unilorin Accounting examination.

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