Post Utme Veritas University 2018 Accounting Question 32

Practice objective / multiple choice question 32 from the 2018 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2018 Accounting Objective / Multiple Choice
Question 32 POST_UTME_VERITAS_UNIVERSITY • 2018 • ACCOUNTING • objective

A company's trial balance as at 31st December, 2022, showed the following balances: Rent Received ₦120,000; Rent Paid ₦80,000; Depreciation ₦60,000; Interest Received ₦40,000. Prepare the necessary journal entries to rectify the errors in the trial balance.

Answer Options

A. Debit Rent Received ₦40,000; Credit Rent Paid ₦40,000
B. Debit Rent Received ₦20,000; Credit Rent Paid ₦20,000
Correct Answer C. Debit Rent Received ₦40,000; Credit Rent Paid ₦40,000
D. Debit Rent Received ₦60,000; Credit Rent Paid ₦60,000
Correct Answer
C
Correct Option:
Debit Rent Received ₦40,000; Credit Rent Paid ₦40,000

About This Question

This is Post Utme Veritas University 2018 Accounting Question 32. It is one of the objective questions from the 2018 Post Utme Veritas University Accounting examination.

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