Gce Model Questions Vol1 2017 Financial Accounting Question 20

Practice objective / multiple choice question 20 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 20 GCE_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

A company receives \(100{,}000\) ₦ cash from a customer for services that will be performed next month. Identify the accounts involved and state the debit and credit entries required to record this transaction.

Answer Options

A. Debit Accounts Receivable 100000; Credit Service Revenue 100000
Correct Answer B. Debit Cash 100000; Credit Unearned Revenue 100000
C. Debit Unearned Revenue 100000; Credit Cash 100000
D. Debit Cash 100000; Credit Service Revenue 100000
Correct Answer
B
Correct Option:
Debit Cash 100000; Credit Unearned Revenue 100000

About This Question

This is Gce Model Questions Vol1 2017 Financial Accounting Question 20. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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