Post Utme Uniport 2024 Accounting Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Uniport Accounting examination.

Post Utme Uniport 2024 Accounting Objective / Multiple Choice
Question 1 POST_UTME_UNIPORT • 2024 • ACCOUNTING • objective

Determine the correct journal entry to record the purchase of a new piece of equipment for ₦250,000, including a 5% sales tax.

Answer Options

Correct Answer A. Debit Equipment ₦250,000, Credit Sales Tax ₦12,500
B. Debit Equipment ₦250,000, Credit Purchases ₦250,000
C. Debit Purchases ₦250,000, Credit Sales Tax ₦12,500
D. Debit Sales Tax ₦12,500, Credit Equipment ₦250,000
Correct Answer
A
Correct Option:
Debit Equipment ₦250,000, Credit Sales Tax ₦12,500

About This Question

This is Post Utme Uniport 2024 Accounting Question 1. It is one of the objective questions from the 2024 Post Utme Uniport Accounting examination.

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