Neco 2019 Financial Accounting Question 15

Practice objective / multiple choice question 15 from the 2019 Neco Financial Accounting examination.

Neco 2019 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 15 NECO • 2019 • FINANCIAL_ACCOUNTING • objective

A clerk mistakenly debited Supplies Expense \( \text{₦}5,000 \) instead of the asset account Supplies for the same amount. What correcting journal entry should be made to rectify the error?

A. Debit Supplies \\ ( \\text{₦}5,000 \\); Credit Cash \\ ( \\text{₦}5,000 \\)

Correct Answer B. Debit Supplies \( \text{₦}5,000 \); Credit Supplies Expense \( \text{₦}5,000 \)

C. Debit Supplies Expense \\ ( \\text{₦}5,000 \\); Credit Supplies \\ ( \\text{₦}5,000 \\)

D. Debit Supplies \\ ( \\text{₦}5,000 \\); Credit Accounts Payable \\ ( \\text{₦}5,000 \\)

Correct Answer

Correct Option:

Debit Supplies \( \text{₦}5,000 \); Credit Supplies Expense \( \text{₦}5,000 \)

This is Neco 2019 Financial Accounting Question 15. It is one of the objective questions from the 2019 Neco Financial Accounting examination.

Difficulty level: Easy .

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