Post Utme Uniosun 2017 Accounting Question 18

Practice objective / multiple choice question 18 from the 2017 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2017 Accounting Objective / Multiple Choice
Question 18 POST_UTME_UNIOSUN • 2017 • ACCOUNTING • objective

A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦5,000 | | Sales Revenue | | ₦20,000 | | Cost of Goods Sold | ₦15,000 | | | Net Income | | ₦5,000 | | Total | ₦25,000 | ₦40,000 | What is the correct journal entry to correct the error in the trial balance?

Answer Options

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

About This Question

This is Post Utme Uniosun 2017 Accounting Question 18. It is one of the objective questions from the 2017 Post Utme Uniosun Accounting examination.

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