Post Utme Unn 2023 Accounting Question 17

Practice objective / multiple choice question 17 from the 2023 Post Utme Unn Accounting examination.

Post Utme Unn 2023 Accounting Objective / Multiple Choice
Question 17 POST_UTME_UNN • 2023 • ACCOUNTING • objective

A company uses the double-entry system of accounting. The following transactions were recorded: (i) Purchased office equipment for ₦100,000; (ii) Sold goods for ₦150,000; (iii) Purchased raw materials for ₦80,000. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. Debit Office Equipment, Credit Cash ₦100,000; Debit Sales, Credit Cash ₦150,000; Debit Raw Materials, Credit Cash ₦80,000
B. Debit Office Equipment, Credit Cash ₦80,000; Debit Sales, Credit Cash ₦150,000; Debit Raw Materials, Credit Cash ₦100,000
C. Debit Office Equipment, Credit Cash ₦150,000; Debit Sales, Credit Cash ₦100,000; Debit Raw Materials, Credit Cash ₦80,000
D. Debit Office Equipment, Credit Cash ₦100,000; Debit Sales, Credit Cash ₦80,000; Debit Raw Materials, Credit Cash ₦150,000
Correct Answer
A
Correct Option:
Debit Office Equipment, Credit Cash ₦100,000; Debit Sales, Credit Cash ₦150,000; Debit Raw Materials, Credit Cash ₦80,000

About This Question

This is Post Utme Unn 2023 Accounting Question 17. It is one of the objective questions from the 2023 Post Utme Unn Accounting examination.

View More Post Utme Unn 2023 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