Post Utme Uniport 2020 Accounting Question 18

Practice objective / multiple choice question 18 from the 2020 Post Utme Uniport Accounting examination.

Post Utme Uniport 2020 Accounting Objective / Multiple Choice
Question 18 POST_UTME_UNIPORT • 2020 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦500,000, Sales Revenue ₦1,000,000, Cost of Goods Sold ₦800,000, and Net Income ₦200,000. What is the correct journal entry to record the closing of the accounts?

Answer Options

Correct Answer A. Debit Accounts Payable ₦500,000, Credit Sales Revenue ₦1,000,000
B. Debit Cost of Goods Sold ₦800,000, Credit Net Income ₦200,000
C. Debit Accounts Payable ₦500,000, Credit Net Income ₦200,000
D. Debit Sales Revenue ₦1,000,000, Credit Cost of Goods Sold ₦800,000
Correct Answer
A
Correct Option:
Debit Accounts Payable ₦500,000, Credit Sales Revenue ₦1,000,000

About This Question

This is Post Utme Uniport 2020 Accounting Question 18. It is one of the objective questions from the 2020 Post Utme Uniport Accounting examination.

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