Post Utme Veritas University 2024 Accounting Question 7

Practice objective / multiple choice question 7 from the 2024 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2024 Accounting Objective / Multiple Choice
Question 7 POST_UTME_VERITAS_UNIVERSITY • 2024 • ACCOUNTING • objective

A company has the following trial balance: Debit: ₦50,000 - Office Equipment ₦20,000 - Rent ₦30,000 - Salaries Credit: ₦40,000 - Office Supplies ₦60,000 - Utilities What is the correct journal entry to record the following transaction: Debit: ₦10,000 to 'Office Equipment' Credit: ₦8,000 to 'Office Supplies'

Answer Options

Correct Answer A. Debit: ₦10,000 to 'Office Equipment' Credit: ₦8,000 to 'Office Supplies'
B. Debit: ₦10,000 to 'Office Supplies' Credit: ₦8,000 to 'Office Equipment'
C. Debit: ₦10,000 to 'Rent' Credit: ₦8,000 to 'Utilities'
D. Debit: ₦10,000 to 'Salaries' Credit: ₦8,000 to 'Office Supplies'
Correct Answer
A
Correct Option:
Debit: ₦10,000 to 'Office Equipment' Credit: ₦8,000 to 'Office Supplies'

About This Question

This is Post Utme Veritas University 2024 Accounting Question 7. It is one of the objective questions from the 2024 Post Utme Veritas University Accounting examination.

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