Neco 2021 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2021 Neco Financial Accounting examination.
Before adjustments, a trial balance lists the following amounts (debit unless stated): Sales ₦500,000 (credit), Purchases ₦300,000, Salaries expense ₦80,000, Rent expense ₦40,000, Depreciation expense ?, Accumulated depreciation ₦60,000 (credit), Capital ₦200,000 (credit), Drawings ₦30,000. The total debit column is ₦550,000 and the total credit column is ₦760,000. An adjusting entry is required for depreciation of equipment costing ₦200,000. The accumulated depreciation before adjustment is ₦60,000 and the depreciation for the year is calculated as ₦20,000. After posting the adjusting entry, what will be the new total of the credit column?
Answer Options
About This Question
This is Neco 2021 Financial Accounting Question 35. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.