Gce Model Questions Vol1 2020 Financial Accounting Question 33

Practice objective / multiple choice question 33 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2020 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 33 GCE_MODEL_QUESTIONS_VOL1 • 2020 • FINANCIAL_ACCOUNTING • objective

A business purchased equipment costing \(₦25,000\) on credit. Record the journal entry required for this transaction.

Answer Options

Correct Answer A. Debit Equipment 25000; Credit Accounts Payable 25000
B. Debit Accounts Payable 25000; Credit Equipment 25000
C. Debit Equipment 25000; Credit Cash 25000
D. Debit Equipment 20000; Credit Accounts Payable 20000
Correct Answer
A
Correct Option:
Debit Equipment 25000; Credit Accounts Payable 25000

About This Question

This is Gce Model Questions Vol1 2020 Financial Accounting Question 33. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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