Neco 2022 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2022 Neco Financial Accounting examination.
The following transactions were posted to the cash ledger for January:\n\n- Opening balance: \(\text{₦}50,000\) (debit)\n- Jan 5: Purchased supplies on credit \(\text{₦}12,000\) (no cash effect)\n- Jan 12: Paid cash for utilities \(\text{₦}3,000\) - recorded **as a credit** by mistake\n- Jan 20: Received cash from customers \(\text{₦}20,000\)\n- Jan 28: Paid cash for equipment \(\text{₦}15,000\)\n\nBecause of the error on Jan 12, the cash ledger shows a closing balance of \(\text{₦}58,000\). What is the correct closing cash balance after correcting the utility entry?
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About This Question
This is Neco 2022 Financial Accounting Question 35. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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