Post Utme Wellspring University 2024 Accounting Question 34

Practice objective / multiple choice question 34 from the 2024 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2024 Accounting Objective / Multiple Choice
Question 34 POST_UTME_WELLSPRING_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a credit balance of ₦10,000 in the 'Salaries Expense' account. However, the company's accounting records show that it has paid ₦15,000 in salaries for the year. What is the correct journal entry to correct this error?

Answer Options

A. Credit Salaries Expense ₦5,000, Debit Cash ₦5,000
Correct Answer B. Credit Salaries Expense ₦10,000, Debit Cash ₦15,000
C. Credit Salaries Expense ₦15,000, Debit Cash ₦10,000
D. Credit Salaries Expense ₦5,000, Debit Cash ₦10,000
Correct Answer
B
Correct Option:
Credit Salaries Expense ₦10,000, Debit Cash ₦15,000

About This Question

This is Post Utme Wellspring University 2024 Accounting Question 34. It is one of the objective questions from the 2024 Post Utme Wellspring University Accounting examination.

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