Post Utme Uniport 2025 Accounting Question 17

Practice objective / multiple choice question 17 from the 2025 Post Utme Uniport Accounting examination.

Post Utme Uniport 2025 Accounting Objective / Multiple Choice
Question 17 POST_UTME_UNIPORT • 2025 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦ 50,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 70,000, and Common Stock ₦ 30,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?

Answer Options

A. Debit Accounts Payable ₦ 50,000 and Credit Cost of Goods Sold ₦ 70,000
B. Debit Sales Revenue ₦ 100,000 and Credit Common Stock ₦ 30,000
Correct Answer C. Debit Accounts Payable ₦ 50,000 and Credit Purchases ₦ 70,000
D. Debit Common Stock ₦ 30,000 and Credit Cost of Goods Sold ₦ 70,000
Correct Answer
C
Correct Option:
Debit Accounts Payable ₦ 50,000 and Credit Purchases ₦ 70,000

About This Question

This is Post Utme Uniport 2025 Accounting Question 17. It is one of the objective questions from the 2025 Post Utme Uniport Accounting examination.

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