Neco Model Questions Vol1 2020 Financial Accounting Question 41

Practice objective / multiple choice question 41 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2020 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 41 NECO_MODEL_QUESTIONS_VOL1 • 2020 • FINANCIAL_ACCOUNTING • objective

A business purchased inventory costing \(150,000\) on credit and paid freight charges of \(10,000\) in cash. Record the journal entry showing the accounts to be debited and credited, and state the total debit amount.

Answer Options

A. Inventory - 150,000; Freight‑in - 10,000; Accounts Payable - 160,000; Total debit = 160,000
B. Inventory - 150,000; Freight‑in - 10,000; Accounts Payable - 150,000; Total debit = 150,000
Correct Answer C. Inventory - 150,000; Freight‑in - 10,000; Accounts Payable - 150,000; Total debit = 160,000
D. Inventory - 150,000; Freight‑in - 0; Accounts Payable - 150,000; Total debit = 150,000
Correct Answer
C
Correct Option:
Inventory - 150,000; Freight‑in - 10,000; Accounts Payable - 150,000; Total debit = 160,000

About This Question

This is Neco Model Questions Vol1 2020 Financial Accounting Question 41. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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