Post Utme Veritas University 2022 Accounting Question 6

Practice objective / multiple choice question 6 from the 2022 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2022 Accounting Objective / Multiple Choice
Question 6 POST_UTME_VERITAS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦1,500 in the account 'Rent Received'. However, the company's accounting records show that the rent was actually paid to the landlord. What is the correct journal entry to correct this error?

Answer Options

A. Debit Rent Received ₦1,500, Credit Rent Paid ₦1,500
Correct Answer B. Debit Rent Paid ₦1,500, Credit Rent Received ₦1,500
C. Debit Rent Received ₦1,500, Credit Cash ₦1,500
D. Debit Rent Paid ₦1,500, Credit Cash ₦1,500
Correct Answer
B
Correct Option:
Debit Rent Paid ₦1,500, Credit Rent Received ₦1,500

About This Question

This is Post Utme Veritas University 2022 Accounting Question 6. It is one of the objective questions from the 2022 Post Utme Veritas University Accounting examination.

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