Neco 2021 Financial Accounting Question 48

Practice objective / multiple choice question 48 from the 2021 Neco Financial Accounting examination.

Neco 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 48 NECO • 2021 • FINANCIAL_ACCOUNTING • objective

Record the journal entry for the purchase of inventory on credit amounting to \(45,000\).

Answer Options

Correct Answer A. Debit Inventory 45,000; Credit Accounts Payable 45,000
B. Debit Accounts Payable 45,000; Credit Inventory 45,000
C. Debit Inventory 45,000; Credit Cash 45,000
D. Debit Inventory 40,000; Credit Accounts Payable 40,000
Correct Answer
A
Correct Option:
Debit Inventory 45,000; Credit Accounts Payable 45,000

About This Question

This is Neco 2021 Financial Accounting Question 48. It is one of the objective questions from the 2021 Neco Financial Accounting examination.

Difficulty level: Easy .

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