Post Utme Unn 2017 Accounting Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Unn Accounting examination.

Post Utme Unn 2017 Accounting Objective / Multiple Choice
Question 21 POST_UTME_UNN • 2017 • ACCOUNTING • objective

A company's trial balance shows an error of ¦5,000 due to an incorrect posting. The error is discovered during the preparation of the balance sheet. What is the correct journal entry to rectify the error?

Answer Options

A. Debit Cash ¦5,000, Credit Profit and Loss Account ¦5,000
Correct Answer B. Debit Profit and Loss Account ¦5,000, Credit Cash ¦5,000
C. Debit Profit and Loss Account ¦5,000, Credit Capital ¦5,000
D. Debit Capital ¦5,000, Credit Profit and Loss Account ¦5,000
Correct Answer
B
Correct Option:
Debit Profit and Loss Account ¦5,000, Credit Cash ¦5,000

About This Question

This is Post Utme Unn 2017 Accounting Question 21. It is one of the objective questions from the 2017 Post Utme Unn Accounting examination.

View More Post Utme Unn 2017 Accounting Questions More Post Utme Unn 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