Post Utme Uniosun 2017 Accounting Question 20

Practice objective / multiple choice question 20 from the 2017 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2017 Accounting Objective / Multiple Choice
Question 20 POST_UTME_UNIOSUN • 2017 • ACCOUNTING • objective

A company has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1-Jan | Cash | ₦10,000 | | | 5-Jan | Accounts Payable | | ₦5,000 | | 10-Jan | Sales Revenue | | ₦20,000 | | 15-Jan | Cost of Goods Sold | ₦15,000 | | | 20-Jan | Net Income | | ₦5,000 | What is the correct journal entry to record the transactions?

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 20. It is one of the objective questions from the 2017 Post Utme Uniosun Accounting examination.

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