Neco 2024 Financial Accounting Question 39

Practice objective / multiple choice question 39 from the 2024 Neco Financial Accounting examination.

Neco 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 39 NECO • 2024 • FINANCIAL_ACCOUNTING • objective

On 15 March the business purchased equipment for ₦250,000 cash. Record the journal entry for this transaction.

Answer Options

A. Debit Equipment ₦250,000; Credit Accounts Payable ₦250,000
Correct Answer B. Debit Equipment ₦250,000; Credit Cash ₦250,000
C. Debit Equipment ₦200,000; Credit Cash ₦200,000
D. Debit Cash ₦250,000; Credit Equipment ₦250,000
Correct Answer
B
Correct Option:
Debit Equipment ₦250,000; Credit Cash ₦250,000

About This Question

This is Neco 2024 Financial Accounting Question 39. It is one of the objective questions from the 2024 Neco Financial Accounting examination.

Difficulty level: Easy .

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