Neco Model Questions Vol1 2020 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
During the month the business made the following transactions: (i) purchased equipment on credit for \(\text{₦}120,000\), paying cash \(\text{₦}30,000\) and issuing a note payable for the balance; (ii) incurred freight‑in of \(\text{₦}5,000\) which was paid in cash. The opening balances were: Equipment \(\text{₦}45,000\) and Cash \(\text{₦}80,000\). After recording the above transactions, what is the closing balance of the Cash account?
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 28. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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