Neco 2017 Financial Accounting Question 48

Practice objective / multiple choice question 48 from the 2017 Neco Financial Accounting examination.

Neco 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 48 NECO • 2017 • FINANCIAL_ACCOUNTING • objective

A company purchased equipment on credit for \(\text{₦}150,000\). Record the journal entry using the double‑entry system.

A. Debit Equipment ₦150,000; Credit Accounts Payable ₦100,000

B. Debit Equipment ₦150,000; Credit Cash ₦150,000

C. Debit Accounts Payable ₦150,000; Credit Equipment ₦150,000

Correct Answer D. Debit Equipment ₦150,000; Credit Accounts Payable ₦150,000

Correct Answer

Correct Option:

Debit Equipment ₦150,000; Credit Accounts Payable ₦150,000

This is Neco 2017 Financial Accounting Question 48. It is one of the objective questions from the 2017 Neco Financial Accounting examination.

Difficulty level: Easy .

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