Neco 2024 Financial Accounting Question 18

Practice objective / multiple choice question 18 from the 2024 Neco Financial Accounting examination.

Neco 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 18 NECO • 2024 • FINANCIAL_ACCOUNTING • objective

On 15 March, ABC Ltd purchased machinery costing \( \text{₦}250,000 \), paying \( \text{₦}100,000 \) in cash and the balance on credit. Record the journal entry.

Correct Answer A. Machinery Dr 250,000; Cash Cr 100,000; Accounts Payable Cr 150,000

B. Machinery Dr 250,000; Cash Dr 100,000; Accounts Payable Cr 150,000

C. Machinery Dr 250,000; Cash Cr 100,000; Notes Payable Cr 150,000

D. Machinery Dr 250,000; Cash Cr 150,000; Accounts Payable Cr 100,000

Correct Answer

Correct Option:

Machinery Dr 250,000; Cash Cr 100,000; Accounts Payable Cr 150,000

This is Neco 2024 Financial Accounting Question 18. It is one of the objective questions from the 2024 Neco Financial Accounting examination.

Difficulty level: Easy .

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