Neco Model Questions Vol1 2021 Financial Accounting Question 10

Practice objective / multiple choice question 10 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 10 NECO_MODEL_QUESTIONS_VOL1 • 2021 • FINANCIAL_ACCOUNTING • objective

The business purchased office furniture on credit for ₦120,000. Identify the two accounts involved and indicate the debit and credit entries required by the double‑entry system.

Answer Options

A. Debit Accounts Payable ₦120,000; Credit Office Furniture ₦120,000
B. Debit Office Furniture ₦120,000; Credit Cash ₦120,000
C. Debit Office Furniture ₦100,000; Credit Accounts Payable ₦100,000
Correct Answer D. Debit Office Furniture ₦120,000; Credit Accounts Payable ₦120,000
Correct Answer
D
Correct Option:
Debit Office Furniture ₦120,000; Credit Accounts Payable ₦120,000

About This Question

This is Neco Model Questions Vol1 2021 Financial Accounting Question 10. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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