Neco 2022 Financial Accounting Question 28

Practice objective / multiple choice question 28 from the 2022 Neco Financial Accounting examination.

Neco 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 28 NECO • 2022 • FINANCIAL_ACCOUNTING • objective

On 20 March, XYZ Ltd made cash sales of ₦45,000, of which \(5\%\) is sales tax payable. Record the journal entry, showing the amounts for cash received, sales tax payable and sales revenue.

A. Dr Cash ₦42,750; Dr Sales Tax Payable ₦2,250; Cr Sales Revenue ₦42,750

B. Dr Cash ₦42,750; Cr Sales Tax Payable ₦2,250; Cr Sales Revenue ₦45,000

Correct Answer C. Dr Cash ₦42,750; Dr Sales Tax Payable ₦2,250; Cr Sales Revenue ₦45,000

D. Dr Cash ₦45,000; Dr Sales Tax Payable ₦2,250; Cr Sales Revenue ₦45,000

Correct Answer

Correct Option:

Dr Cash ₦42,750; Dr Sales Tax Payable ₦2,250; Cr Sales Revenue ₦45,000

This is Neco 2022 Financial Accounting Question 28. It is one of the objective questions from the 2022 Neco Financial Accounting examination.

Difficulty level: Easy .

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows

Chat with Support