Post Utme Unilorin 2024 Accounting Question 29

Practice objective / multiple choice question 29 from the 2024 Post Utme Unilorin Accounting examination.

Post Utme Unilorin 2024 Accounting Objective / Multiple Choice
Question 29 POST_UTME_UNILORIN • 2024 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦15,000 in the 'Salaries and Wages' account. However, the company's accounting records show that it has paid salaries and wages of ₦20,000. What is the correct treatment for this discrepancy?

Answer Options

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

About This Question

This is Post Utme Unilorin 2024 Accounting Question 29. It is one of the objective questions from the 2024 Post Utme Unilorin Accounting examination.

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