Post Utme Wellspring University 2017 Accounting Question 25

Practice objective / multiple choice question 25 from the 2017 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2017 Accounting Objective / Multiple Choice
Question 25 POST_UTME_WELLSPRING_UNIVERSITY • 2017 • ACCOUNTING • objective

A business has the following single entry transactions: | Date | Description | Amount | | --- | --- | --- | | 1 Jan | Cash | 1000 | | 2 Jan | Sales | 500 | | 3 Jan | Purchase | 200 | What is the correct journal entry for the purchase on 3 Jan?

Answer Options

A. Debit Purchase Account 200, Credit Cash Account 200
Correct Answer B. Debit Cash Account 200, Credit Purchase Account 200
C. Debit Purchase Account 200, Credit Sales Account 200
D. Debit Sales Account 200, Credit Purchase Account 200
Correct Answer
B
Correct Option:
Debit Cash Account 200, Credit Purchase Account 200

About This Question

This is Post Utme Wellspring University 2017 Accounting Question 25. It is one of the objective questions from the 2017 Post Utme Wellspring University Accounting examination.

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