Post Utme Unn 2022 Accounting Question 30

Practice objective / multiple choice question 30 from the 2022 Post Utme Unn Accounting examination.

Post Utme Unn 2022 Accounting Objective / Multiple Choice
Question 30 POST_UTME_UNN • 2022 • ACCOUNTING • objective

A company uses the double-entry system to record its transactions. If the company purchases an asset for ₦100,000 and pays ₦20,000 in cash, what is the journal entry to record the transaction?

Answer Options

Correct Answer A. Debit Asset ₦100,000, Credit Cash ₦20,000
B. Debit Asset ₦80,000, Credit Cash ₦20,000
C. Debit Asset ₦100,000, Credit Cash ₦80,000
D. Debit Asset ₦80,000, Credit Cash ₦100,000
Correct Answer
A
Correct Option:
Debit Asset ₦100,000, Credit Cash ₦20,000

About This Question

This is Post Utme Unn 2022 Accounting Question 30. It is one of the objective questions from the 2022 Post Utme Unn Accounting examination.

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