Post Utme Wellspring University 2024 Accounting Question 8

Practice objective / multiple choice question 8 from the 2024 Post Utme Wellspring University Accounting examination.

Post Utme Wellspring University 2024 Accounting Objective / Multiple Choice
Question 8 POST_UTME_WELLSPRING_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the single-entry system of accounting. The company's journal entries for the year are as follows: Debit Cash ₦50,000, Credit Accounts Payable ₦20,000, Debit Common Stock ₦100,000, and Credit Retained Earnings ₦30,000. Prepare a trial balance for the company.

Answer Options

Correct Answer A. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, Retained Earnings ₦30,000
B. Cash ₦100,000, Accounts Payable ₦20,000, Common Stock ₦50,000, Retained Earnings ₦30,000
C. Cash ₦50,000, Accounts Payable ₦100,000, Common Stock ₦20,000, Retained Earnings ₦30,000
D. Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, Retained Earnings ₦100,000
Correct Answer
A
Correct Option:
Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, Retained Earnings ₦30,000

About This Question

This is Post Utme Wellspring University 2024 Accounting Question 8. It is one of the objective questions from the 2024 Post Utme Wellspring University Accounting examination.

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