Post Utme Wellspring University 2021 Accounting Question 13

Practice objective / multiple choice question 13 from the 2021 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2021 Accounting Objective / Multiple Choice
Question 13 POST_UTME_WELLSPRING_UNIVERSITY • 2021 • ACCOUNTING • objective

A company has the following transactions: a sale of goods for ₦50,000, a purchase of goods for ₦30,000, and a payment of ₦20,000 to a creditor. Prepare the necessary journal entries.

Answer Options

Correct Answer A. Debit Sales Account ₦50,000, Credit Purchases Account ₦30,000
B. Debit Purchases Account ₦30,000, Credit Sales Account ₦50,000
C. Debit Creditor Account ₦20,000, Credit Cash Account ₦20,000
D. Debit Sales Account ₦50,000, Credit Creditor Account ₦20,000
Correct Answer
A
Correct Option:
Debit Sales Account ₦50,000, Credit Purchases Account ₦30,000

About This Question

This is Post Utme Wellspring University 2021 Accounting Question 13. It is one of the objective questions from the 2021 Post Utme Wellspring University Accounting examination.

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