Post Utme Uniport 2019 Accounting Question 6

Practice objective / multiple choice question 6 from the 2019 Post Utme Uniport Accounting examination.

Post Utme Uniport 2019 Accounting Objective / Multiple Choice
Question 6 POST_UTME_UNIPORT • 2019 • ACCOUNTING • objective

A company prepares a trial balance on December 31, 2022. The trial balance shows a debit balance of ₦50,000 in the account 'Rent Received'. However, the company's accountant realizes that the rent was actually received in January 2023. What is the correct treatment for this error?

Answer Options

A. Debit the 'Rent Received' account and credit the 'Rent Paid' account.
B. Debit the 'Rent Paid' account and credit the 'Rent Received' account.
Correct Answer C. Debit the 'Rent Received' account and credit the 'Rent Paid' account.
D. Do nothing, as the error is immaterial.
Correct Answer
C
Correct Option:
Debit the 'Rent Received' account and credit the 'Rent Paid' account.

About This Question

This is Post Utme Uniport 2019 Accounting Question 6. It is one of the objective questions from the 2019 Post Utme Uniport Accounting examination.

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