Post Utme Veritas University 2025 Accounting Question 40

Practice objective / multiple choice question 40 from the 2025 Post Utme Veritas University Accounting examination.

Post Utme Veritas University 2025 Accounting Objective / Multiple Choice
Question 40 POST_UTME_VERITAS_UNIVERSITY • 2025 • ACCOUNTING • objective

A company has the following transactions: Purchased office equipment for ₦50,000, Sold goods for ₦100,000, Purchased inventory for ₦200,000. Prepare a journal entry for the transactions.

Answer Options

A. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
B. Debit Inventory ₦200,000, Credit Cash ₦200,000
Correct Answer C. Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Inventory ₦200,000, Credit Cash ₦200,000
D. Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Sales ₦100,000, Credit Cash ₦100,000
Correct Answer
C
Correct Option:
Debit Office Equipment ₦50,000, Credit Cash ₦50,000; Debit Inventory ₦200,000, Credit Cash ₦200,000

About This Question

This is Post Utme Veritas University 2025 Accounting Question 40. It is one of the objective questions from the 2025 Post Utme Veritas University Accounting examination.

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