Post Utme Unn 2019 Accounting Question 36

Practice objective / multiple choice question 36 from the 2019 Post Utme Unn Accounting examination.

Post Utme Unn 2019 Accounting Objective / Multiple Choice
Question 36 POST_UTME_UNN • 2019 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦150,000 on credit, sold goods for ₦200,000 on credit, and paid ₦50,000 in cash. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. Debit Purchases ₦150,000, Credit Accounts Payable ₦150,000
B. Debit Sales ₦200,000, Credit Accounts Receivable ₦200,000
C. Debit Cash ₦50,000, Credit Purchases ₦50,000
D. Debit Purchases ₦150,000, Credit Sales ₦200,000
Correct Answer
A
Correct Option:
Debit Purchases ₦150,000, Credit Accounts Payable ₦150,000

About This Question

This is Post Utme Unn 2019 Accounting Question 36. It is one of the objective questions from the 2019 Post Utme Unn Accounting examination.

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