Neco Model Questions Vol1 2017 Financial Accounting Question 37

Practice objective / multiple choice question 37 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 37 NECO_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

On 15 March a company purchased office equipment for \(\text{₦}250,000\) cash and also incurred a freight‑in cost of \(\text{₦}15,000\) which was paid in cash at the same time. Record the appropriate journal entry for this transaction.

Answer Options

Correct Answer A. Debit Office Equipment ₦250,000; Debit Freight‑in ₦15,000; Credit Cash ₦265,000
B. Debit Office Equipment ₦265,000; Credit Cash ₦265,000
C. Debit Office Equipment ₦250,000; Debit Freight‑in ₦15,000; Credit Cash ₦250,000
D. Debit Office Equipment ₦250,000; Debit Freight‑in ₦15,000; Credit Cash ₦240,000
Correct Answer
A
Correct Option:
Debit Office Equipment ₦250,000; Debit Freight‑in ₦15,000; Credit Cash ₦265,000

About This Question

This is Neco Model Questions Vol1 2017 Financial Accounting Question 37. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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