Post Utme Wellspring University 2021 Accounting Question 11

Practice objective / multiple choice question 11 from the 2021 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2021 Accounting Objective / Multiple Choice
Question 11 POST_UTME_WELLSPRING_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows a debit balance in the suspense account of ₦15,000. The company's accountant has identified the following transactions that have not been recorded: a sale of goods for ₦20,000, a purchase of goods for ₦30,000, and a payment of ₦10,000 to a creditor. Prepare the necessary journal entries to correct the suspense account.

Answer Options

A. Debit Suspense Account ₦15,000, Credit Sales Account ₦20,000
B. Debit Purchases Account ₦30,000, Credit Suspense Account ₦30,000
Correct Answer C. Debit Suspense Account ₦15,000, Credit Creditor Account ₦10,000
D. Debit Sales Account ₦20,000, Credit Suspense Account ₦20,000
Correct Answer
C
Correct Option:
Debit Suspense Account ₦15,000, Credit Creditor Account ₦10,000

About This Question

This is Post Utme Wellspring University 2021 Accounting Question 11. It is one of the objective questions from the 2021 Post Utme Wellspring University Accounting examination.

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