Post Utme Uniosun 2024 Accounting Question 12

Practice objective / multiple choice question 12 from the 2024 Post Utme Uniosun Accounting examination.

Post Utme Uniosun 2024 Accounting Objective / Multiple Choice
Question 12 POST_UTME_UNIOSUN • 2024 • ACCOUNTING • objective

A company has a trial balance as follows: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | ₦0 | | Accounts Payable | ₦0 | ₦20,000 | | Sales Revenue | ₦0 | ₦100,000 | | Cost of Goods Sold | ₦80,000 | ₦0 | | Net Income | ₦0 | ₦0 | The company's net income is ₦20,000. What is the correct journal entry to record the net income?

Answer Options

Correct Answer A. Debit: Net Income ₦20,000; Credit: None
B. Debit: None; Credit: Net Income ₦20,000
C. Debit: Net Income ₦20,000; Credit: None
D. Debit: None; Credit: Net Income ₦20,000
Correct Answer
A
Correct Option:
Debit: Net Income ₦20,000; Credit: None

About This Question

This is Post Utme Uniosun 2024 Accounting Question 12. It is one of the objective questions from the 2024 Post Utme Uniosun Accounting examination.

View More Post Utme Uniosun 2024 Accounting Questions More Post Utme Uniosun Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support