Post Utme Unn 2023 Accounting Question 29

Practice objective / multiple choice question 29 from the 2023 Post Utme Unn Accounting examination.

Post Utme Unn 2023 Accounting Objective / Multiple Choice

Question 29 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. Prepare the journal entries for the transactions.

Correct Answer A. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000

B. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000

C. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000

D. Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000

Correct Answer

Correct Option:

Debit Purchases = ₦100,000, Credit Accounts Payable = ₦100,000; Debit Sales = ₦150,000, Credit Accounts Receivable = ₦150,000

This is Post Utme Unn 2023 Accounting Question 29. It is one of the objective questions from the 2023 Post Utme Unn Accounting examination.

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