Neco 2022 Financial Accounting Question 41

Practice objective / multiple choice question 41 from the 2022 Neco Financial Accounting examination.

Neco 2022 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 41 NECO • 2022 • FINANCIAL_ACCOUNTING • objective

Record the journal entry for the purchase of equipment costing ₦150,000 cash and payment of installation services costing ₦30,000 cash.

A. Debit Equipment ₦150,000; Credit Installation Expense ₦30,000; Credit Cash ₦180,000

B. Debit Equipment ₦150,000; Debit Installation Expense ₦30,000; Debit Cash ₦180,000

C. Debit Equipment ₦180,000; Debit Installation Expense ₦30,000; Credit Cash ₦210,000

Correct Answer D. Debit Equipment ₦150,000; Debit Installation Expense ₦30,000; Credit Cash ₦180,000

Correct Answer

Correct Option:

Debit Equipment ₦150,000; Debit Installation Expense ₦30,000; Credit Cash ₦180,000

This is Neco 2022 Financial Accounting Question 41. It is one of the objective questions from the 2022 Neco Financial Accounting examination.

Difficulty level: Easy .

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