Neco 2018 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2018 Neco Financial Accounting examination.
During the preparation of the trial balance, the following balances (in naira) were recorded:\n\nDebit side: Cash \(200,000\), Accounts Receivable \(120,000\), Inventory \(150,000\), Prepaid Insurance \(30,000\), Sundry Expenses \(?\)\n\nCredit side: Accounts Payable \(130,000\), Bank Loan \(250,000\), Capital \(300,000\), Sales Revenue \(?\)\n\nAn adjusting entry for depreciation of \(15,000\) was made, debiting Depreciation Expense and crediting Accumulated Depreciation. After this entry the trial balance balances with total debits and credits of \(720,000\) each.\n\nWhat is the amount of Sundry Expenses?
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About This Question
This is Neco 2018 Financial Accounting Question 21. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
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