Neco Model Questions Vol1 2022 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
A trial balance for ABC Co. shows the following amounts (all in N):\n\(\text{Debits}\): Cash 120,000; Inventory 80,000; Equipment 150,000; Rent Expense 30,000; Salaries Expense 45,000; \(\text{Unknown account X (debit)} = ?\)\n\(\text{Credits}\): Capital 300,000; Sales Revenue 200,000; Accounts Payable 50,000; Loan Payable 75,000; Accumulated Depreciation 20,000.\nThe totals are not equal. It is known that one of the credit amounts has been recorded on the wrong side - it should be a debit. Identify the mis‑posted account and determine the amount of the unknown debit \(X\) that will balance the trial balance.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 3. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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