Post Utme Unn 2019 Accounting Question 1

Practice objective / multiple choice question 1 from the 2019 Post Utme Unn Accounting examination.

Post Utme Unn 2019 Accounting Objective / Multiple Choice
Question 1 POST_UTME_UNN • 2019 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the 'Office Equipment' account. However, the company's accountant has informed you that the correct balance should be a credit of ₦20,000. What is the correct journal entry to rectify this error?

Answer Options

A. ₦50,000 debit to 'Office Equipment' and ₦20,000 credit to 'Office Equipment'
Correct Answer B. ₦20,000 debit to 'Office Equipment' and ₦50,000 credit to 'Office Equipment'
C. ₦30,000 debit to 'Office Equipment' and ₦70,000 credit to 'Office Equipment'
D. ₦40,000 debit to 'Office Equipment' and ₦60,000 credit to 'Office Equipment'
Correct Answer
B
Correct Option:
₦20,000 debit to 'Office Equipment' and ₦50,000 credit to 'Office Equipment'

About This Question

This is Post Utme Unn 2019 Accounting Question 1. It is one of the objective questions from the 2019 Post Utme Unn Accounting examination.

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