Post Utme Unn 2023 Accounting Question 27

Practice objective / multiple choice question 27 from the 2023 Post Utme Unn Accounting examination.

Post Utme Unn 2023 Accounting Objective / Multiple Choice
Question 27 POST_UTME_UNN • 2023 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000 on credit; Sold goods for ₦150,000 on credit; Purchased goods for ₦50,000 for cash. Prepare the journal entries for the transactions.

Answer Options

Correct Answer A. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
B. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
C. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
D. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000
Correct Answer
A
Correct Option:
Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000; Debit Purchases = ₦50,000, Credit Cash = ₦50,000

About This Question

This is Post Utme Unn 2023 Accounting Question 27. It is one of the objective questions from the 2023 Post Utme Unn Accounting examination.

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