Neco 2023 Financial Accounting Question 41

Practice objective / multiple choice question 41 from the 2023 Neco Financial Accounting examination.

Neco 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 41 NECO • 2023 • FINANCIAL_ACCOUNTING • objective

Record the journal entry for the following transaction: The business purchased equipment costing \(150{,}000\) naira and paid freight charges of \(30{,}000\) naira, both paid in cash.

A. Debit Equipment \\((150{,}000)\\) ₦; Credit Freight‑in \\((30{,}000)\\) ₦; Credit Cash \\((120{,}000)\\) ₦

B. Debit Equipment \\((180{,}000)\\) ₦; Debit Freight‑in \\((30{,}000)\\) ₦; Credit Cash \\((210{,}000)\\) ₦

Correct Answer C. Debit Equipment \(150{,}000\) ₦; Debit Freight‑in \(30{,}000\) ₦; Credit Cash \(180{,}000\) ₦

D. Debit Equipment \\((150{,}000)\\) ₦; Debit Freight‑in \\((30{,}000)\\) ₦; Credit Cash \\((150{,}000)\\) ₦

Correct Answer

Correct Option:

Debit Equipment \(150{,}000\) ₦; Debit Freight‑in \(30{,}000\) ₦; Credit Cash \(180{,}000\) ₦

This is Neco 2023 Financial Accounting Question 41. It is one of the objective questions from the 2023 Neco Financial Accounting examination.

Difficulty level: Easy .

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