Neco 2023 Financial Accounting Question 18

Practice objective / multiple choice question 18 from the 2023 Neco Financial Accounting examination.

Neco 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 18 NECO • 2023 • FINANCIAL_ACCOUNTING • objective

On 1 March a company purchased machinery costing \(120,000\). It paid \(30,000\) in cash and the balance was placed on a 60‑day credit. Record the appropriate journal entry.

A. Debit Machinery 120,000; Credit Cash 30,000; Credit Notes Payable 90,000

B. Debit Machinery 120,000; Credit Cash 90,000; Credit Accounts Payable 30,000

Correct Answer C. Debit Machinery 120,000; Credit Cash 30,000; Credit Accounts Payable 90,000

D. Debit Machinery 150,000; Credit Cash 30,000; Credit Accounts Payable 120,000

Correct Answer

Correct Option:

Debit Machinery 120,000; Credit Cash 30,000; Credit Accounts Payable 90,000

This is Neco 2023 Financial Accounting Question 18. It is one of the objective questions from the 2023 Neco Financial Accounting examination.

Difficulty level: Easy .

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