Neco Model Questions Vol1 2019 Financial Accounting Question 17

Practice objective / multiple choice question 17 from the 2019 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2019 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 17 NECO_MODEL_QUESTIONS_VOL1 • 2019 • FINANCIAL_ACCOUNTING • objective

In the journal, two transactions were recorded:\\ 1. Debit Rent Expense \(N80,000\); Credit Cash (unknown) and Credit Unearned Rent (unknown).\\ 2. Debit Salaries Expense \(N40,000\); Credit Cash (unknown) and Credit Accrued Salaries (unknown).\\ It is known that the cash credit in Transaction 1 is twice the cash credit in Transaction 2, and the total cash credited in both transactions is \(N90,000\). Find the cash amounts credited in each transaction and the amounts credited to Unearned Rent and Accrued Salaries.

Answer Options

A. Cash Transaction 1 = 50,000; Cash Transaction 2 = 40,000; Unearned Rent = 20,000; Accrued Salaries = 10,000
Correct Answer B. Cash Transaction 1 = 60,000; Cash Transaction 2 = 30,000; Unearned Rent = 20,000; Accrued Salaries = 10,000
C. Cash Transaction 1 = 60,000; Cash Transaction 2 = 30,000; Unearned Rent = 15,000; Accrued Salaries = 15,000
D. Cash Transaction 1 = 70,000; Cash Transaction 2 = 20,000; Unearned Rent = 20,000; Accrued Salaries = 10,000
Correct Answer
B
Correct Option:
Cash Transaction 1 = 60,000; Cash Transaction 2 = 30,000; Unearned Rent = 20,000; Accrued Salaries = 10,000

About This Question

This is Neco Model Questions Vol1 2019 Financial Accounting Question 17. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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