Post Utme Veritas University 2025 Accounting Question 1

Practice objective / multiple choice question 1 from the 2025 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2025 Accounting Objective / Multiple Choice
Question 1 POST_UTME_VERITAS_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the account 'Rent Received' and a credit balance of ₦30,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?

Answer Options

A. ₦20,000 debit to Rent Received and ₦20,000 credit to Rent Paid
B. ₦30,000 debit to Rent Received and ₦50,000 credit to Rent Paid
Correct Answer C. ₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received
D. ₦50,000 debit to Rent Paid and ₦30,000 credit to Rent Received
Correct Answer
C
Correct Option:
₦20,000 debit to Rent Paid and ₦20,000 credit to Rent Received

About This Question

This is Post Utme Veritas University 2025 Accounting Question 1. It is one of the objective questions from the 2025 Post Utme Veritas University Accounting examination.

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