Post Utme Wellspring University 2019 Accounting Question 26

Practice objective / multiple choice question 26 from the 2019 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2019 Accounting Objective / Multiple Choice
Question 26 POST_UTME_WELLSPRING_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Depreciation Expense' and a credit balance of ₦20,000 in the account 'Accumulated Depreciation'. What is the correct journal entry to record the adjustment for depreciation?

Answer Options

A. ₦5,000 debit to Accumulated Depreciation and ₦5,000 credit to Depreciation Expense
Correct Answer B. ₦10,000 debit to Accumulated Depreciation and ₦10,000 credit to Depreciation Expense
C. ₦15,000 debit to Accumulated Depreciation and ₦15,000 credit to Depreciation Expense
D. ₦20,000 debit to Accumulated Depreciation and ₦20,000 credit to Depreciation Expense
Correct Answer
B
Correct Option:
₦10,000 debit to Accumulated Depreciation and ₦10,000 credit to Depreciation Expense

About This Question

This is Post Utme Wellspring University 2019 Accounting Question 26. It is one of the objective questions from the 2019 Post Utme Wellspring University Accounting examination.

View More Post Utme Wellspring University 2019 Accounting Questions More Post Utme Wellspring University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support