Post Utme Veritas University 2022 Accounting Question 29

Practice objective / multiple choice question 29 from the 2022 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2022 Accounting Objective / Multiple Choice
Question 29 POST_UTME_VERITAS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company has the following transactions during the year ended December 31, 2022: Purchased office equipment for ₦200,000; Sold office equipment for ₦150,000; Purchased office supplies for ₦30,000; Sold office supplies for ₦20,000. Prepare the journal entries for the above transactions.

Answer Options

Correct Answer A. Debit Office Equipment ₦50,000, Credit Office Supplies ₦30,000
B. Debit Office Supplies ₦20,000, Credit Office Equipment ₦30,000
C. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
D. Debit Office Supplies ₦30,000, Credit Office Equipment ₦20,000
Correct Answer
A
Correct Option:
Debit Office Equipment ₦50,000, Credit Office Supplies ₦30,000

About This Question

This is Post Utme Veritas University 2022 Accounting Question 29. It is one of the objective questions from the 2022 Post Utme Veritas University Accounting examination.

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