Neco 2019 Financial Accounting Question 13

Practice objective / multiple choice question 13 from the 2019 Neco Financial Accounting examination.

Neco 2019 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 13 NECO • 2019 • FINANCIAL_ACCOUNTING • objective

On 15 March, a company bought inventory costing \( \text{₦}150,000 \). It paid cash \( \text{₦}50,000 \) and the balance was purchased on credit. Record the journal entry, specifying the accounts and amounts to be debited and credited.

Answer Options

Correct Answer A. Inventory \( \text{₦}150,000 \); Cash \( \text{₦}50,000 \); Accounts Payable \( \text{₦}100,000 \)
B. Inventory \( \text{₦}150,000 \); Cash \( \text{₦}50,000 \); Notes Payable \( \text{₦}100,000 \)
C. Inventory \( \text{₦}150,000 \); Cash \( \text{₦}100,000 \); Accounts Payable \( \text{₦}50,000 \)
D. Inventory \( \text{₦}150,000 \); Cash \( \text{₦}0 \); Accounts Payable \( \text{₦}150,000 \)
Correct Answer
A
Correct Option:
Inventory \( \text{₦}150,000 \); Cash \( \text{₦}50,000 \); Accounts Payable \( \text{₦}100,000 \)

About This Question

This is Neco 2019 Financial Accounting Question 13. It is one of the objective questions from the 2019 Neco Financial Accounting examination.

Difficulty level: Easy .

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