Post Utme Veritas University 2019 Accounting Question 16

Practice objective / multiple choice question 16 from the 2019 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2019 Accounting Objective / Multiple Choice
Question 16 POST_UTME_VERITAS_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦120,000 in the account 'Rent Received' and a credit balance of ₦150,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?

Answer Options

A. Debit Rent Paid ₦30,000, Credit Rent Received ₦30,000
Correct Answer B. Debit Rent Received ₦30,000, Credit Rent Paid ₦30,000
C. Debit Rent Received ₦120,000, Credit Rent Paid ₦120,000
D. Debit Rent Paid ₦150,000, Credit Rent Received ₦150,000
Correct Answer
B
Correct Option:
Debit Rent Received ₦30,000, Credit Rent Paid ₦30,000

About This Question

This is Post Utme Veritas University 2019 Accounting Question 16. It is one of the objective questions from the 2019 Post Utme Veritas University Accounting examination.

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