Post Utme Wellspring University 2020 Accounting Question 5

Practice objective / multiple choice question 5 from the 2020 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2020 Accounting Objective / Multiple Choice
Question 5 POST_UTME_WELLSPRING_UNIVERSITY • 2020 • ACCOUNTING • objective

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

Answer Options

Correct Answer A. ₦5,000 debit to Salaries and ₦5,000 credit to Salaries Payable
B. ₦5,000 debit to Salaries Payable and ₦5,000 credit to Salaries
C. ₦5,000 debit to Salaries and ₦5,000 credit to Profit and Loss
D. ₦5,000 debit to Profit and Loss and ₦5,000 credit to Salaries
Correct Answer
A
Correct Option:
₦5,000 debit to Salaries and ₦5,000 credit to Salaries Payable

About This Question

This is Post Utme Wellspring University 2020 Accounting Question 5. It is one of the objective questions from the 2020 Post Utme Wellspring University Accounting examination.

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