Gce Model Questions Vol1 2018 Financial Accounting Question 36

Practice objective / multiple choice question 36 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2018 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 36 GCE_MODEL_QUESTIONS_VOL1 • 2018 • FINANCIAL_ACCOUNTING • objective

On 5 March, ABC Ltd purchased machinery costing \(\text{₦}120,000\) cash and bought office supplies on credit for \(\text{₦}30,000\). On the same day the company received cash from a customer for a previously invoiced amount of \(\text{₦}45,000\). Record the appropriate journal entries.

Answer Options

A. Machinery Dr ₦120,000 / Cash Cr ₦120,000; Office Supplies Cr ₦30,000 / Accounts Payable Dr ₦30,000; Cash Dr ₦45,000 / Accounts Receivable Cr ₦45,000
B. Machinery Dr ₦120,000 / Cash Cr ₦120,000; Office Supplies Dr ₦30,000 / Accounts Payable Cr ₦30,000; Cash Cr ₦45,000 / Accounts Receivable Dr ₦45,000
Correct Answer C. Machinery Dr ₦120,000 / Cash Cr ₦120,000; Office Supplies Dr ₦30,000 / Accounts Payable Cr ₦30,000; Cash Dr ₦45,000 / Accounts Receivable Cr ₦45,000
D. Machinery Cr ₦120,000 / Cash Dr ₦120,000; Office Supplies Dr ₦30,000 / Accounts Payable Cr ₦30,000; Cash Dr ₦45,000 / Accounts Receivable Cr ₦45,000
Correct Answer
C
Correct Option:
Machinery Dr ₦120,000 / Cash Cr ₦120,000; Office Supplies Dr ₦30,000 / Accounts Payable Cr ₦30,000; Cash Dr ₦45,000 / Accounts Receivable Cr ₦45,000

About This Question

This is Gce Model Questions Vol1 2018 Financial Accounting Question 36. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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