Neco Model Questions Vol1 2019 Financial Accounting Question 20

Practice objective / multiple choice question 20 from the 2019 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2019 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 20 NECO_MODEL_QUESTIONS_VOL1 • 2019 • FINANCIAL_ACCOUNTING • objective

The business purchased equipment for cash. The equipment cost \(N150,000\) and a delivery charge of \(N5,000\) was paid in the same cash transaction. Record the journal entry for this purchase.

Answer Options

A. Debit Equipment N150,000; Credit Cash N150,000
B. Debit Equipment N155,000; Credit Cash N160,000
C. Debit Equipment N155,000; Credit Cash N150,000
Correct Answer D. Debit Equipment N155,000; Credit Cash N155,000
Correct Answer
D
Correct Option:
Debit Equipment N155,000; Credit Cash N155,000

About This Question

This is Neco Model Questions Vol1 2019 Financial Accounting Question 20. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

View More Neco Model Questions Vol1 2019 Financial Accounting Questions More Neco Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support