Neco 2022 Financial Accounting Question 18

Practice objective / multiple choice question 18 from the 2022 Neco Financial Accounting examination.

Neco 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 18 NECO • 2022 • FINANCIAL_ACCOUNTING • objective

Record the journal entry for the purchase of equipment costing \(120,000\) paid in cash.

Answer Options

A. Debit Cash 120,000; Credit Equipment 120,000
B. Debit Equipment 100,000; Credit Cash 100,000
Correct Answer C. Debit Equipment 120,000; Credit Cash 120,000
D. Debit Equipment 120,000; Credit Accounts Payable 120,000
Correct Answer
C
Correct Option:
Debit Equipment 120,000; Credit Cash 120,000

About This Question

This is Neco 2022 Financial Accounting Question 18. It is one of the objective questions from the 2022 Neco Financial Accounting examination.

Difficulty level: Easy .

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