Post Utme Wellspring University 2018 Accounting Question 16

Practice objective / multiple choice question 16 from the 2018 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2018 Accounting Objective / Multiple Choice
Question 16 POST_UTME_WELLSPRING_UNIVERSITY • 2018 • ACCOUNTING • objective

A company has a trial balance that shows a debit balance of ₦15,000 in the account 'Accrued Expenses' and a credit balance of ₦20,000 in the account 'Accrued Income'. What is the correct journal entry to correct this error?

Answer Options

A. Debit Accrued Expenses ₦5,000, Credit Accrued Income ₦5,000
Correct Answer B. Debit Accrued Income ₦5,000, Credit Accrued Expenses ₦5,000
C. Debit Accrued Expenses ₦20,000, Credit Accrued Income ₦15,000
D. Debit Accrued Income ₦20,000, Credit Accrued Expenses ₦15,000
Correct Answer
B
Correct Option:
Debit Accrued Income ₦5,000, Credit Accrued Expenses ₦5,000

About This Question

This is Post Utme Wellspring University 2018 Accounting Question 16. It is one of the objective questions from the 2018 Post Utme Wellspring University Accounting examination.

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