Post Utme Wellspring University 2022 Accounting Question 5

Practice objective / multiple choice question 5 from the 2022 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2022 Accounting Objective / Multiple Choice
Question 5 POST_UTME_WELLSPRING_UNIVERSITY • 2022 • ACCOUNTING • objective

A company has the following transactions for the year: - Sold goods for ₦1,000,000 - Purchased goods for ₦800,000 - Received cash from customers for ₦500,000 - Paid cash to suppliers for ₦200,000 Prepare a journal entry for the company.

Answer Options

Correct Answer A. Debit: Sales Revenue ₦1,000,000; Credit: Cash ₦500,000
B. Debit: Purchases ₦800,000; Credit: Cash ₦200,000
C. Debit: Sales Revenue ₦1,000,000; Credit: Accounts Receivable ₦500,000
D. Debit: Purchases ₦800,000; Credit: Accounts Payable ₦200,000
Correct Answer
A
Correct Option:
Debit: Sales Revenue ₦1,000,000; Credit: Cash ₦500,000

About This Question

This is Post Utme Wellspring University 2022 Accounting Question 5. It is one of the objective questions from the 2022 Post Utme Wellspring University Accounting examination.

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