Neco 2025 Financial Accounting Question 27

Practice objective / multiple choice question 27 from the 2025 Neco Financial Accounting examination.

Neco 2025 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 27 NECO • 2025 • FINANCIAL_ACCOUNTING • objective

On 15\ March, ABC Ltd purchased a machine for cash \(N480,000\) and paid \(N30,000\) for transportation costs. Record the journal entry for these transactions.

A. Debit Machinery N480,000; Credit Transportation Expense N30,000; Credit Cash N450,000.

Correct Answer B. Debit Machinery N480,000; Debit Transportation Expense N30,000; Credit Cash N510,000.

C. Debit Machinery N510,000; Debit Transportation Expense N0; Credit Cash N510,000.

D. Debit Machinery N480,000; Debit Transportation Expense N30,000; Credit Cash N480,000.

Correct Answer

Correct Option:

Debit Machinery N480,000; Debit Transportation Expense N30,000; Credit Cash N510,000.

This is Neco 2025 Financial Accounting Question 27. It is one of the objective questions from the 2025 Neco Financial Accounting examination.

Difficulty level: Easy .

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