Neco 2017 Financial Accounting Question 8

Practice objective / multiple choice question 8 from the 2017 Neco Financial Accounting examination.

Neco 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 8 NECO • 2017 • FINANCIAL_ACCOUNTING • objective

On 1 March the school purchased computer equipment costing \( \text{₦}500,000 \) on credit. Record the journal entry required to reflect this transaction.

A. Debit Computer Equipment ₦400,000; Credit Accounts Payable ₦400,000

B. Debit Computer Equipment ₦500,000; Credit Cash ₦500,000

C. Debit Accounts Payable ₦500,000; Credit Computer Equipment ₦500,000

Correct Answer D. Debit Computer Equipment ₦500,000; Credit Accounts Payable ₦500,000

Correct Answer

Correct Option:

Debit Computer Equipment ₦500,000; Credit Accounts Payable ₦500,000

This is Neco 2017 Financial Accounting Question 8. It is one of the objective questions from the 2017 Neco Financial Accounting examination.

Difficulty level: Easy .

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