Neco Model Questions Vol1 2023 Financial Accounting Question 35

Practice objective / multiple choice question 35 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 35 NECO_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

On 15 March 2024 the business purchased office equipment costing \(\text{₦}250,000\) on credit and paid \(\text{₦}50,000\) cash for delivery. Record the journal entry using the double‑entry system.

Answer Options

Correct Answer A. Debit Office Equipment ₦250,000; Debit Delivery Expense ₦50,000; Credit Accounts Payable ₦250,000; Credit Cash ₦50,000
B. Debit Office Equipment ₦250,000; Credit Accounts Payable ₦250,000; Debit Delivery Expense ₦50,000; Credit Cash ₦50,000
C. Debit Office Equipment ₦250,000; Debit Delivery Expense ₦50,000; Credit Accounts Payable ₦250,000; Credit Cash ₦250,000
D. Debit Office Equipment ₦250,000; Debit Delivery Expense ₦50,000; Credit Accounts Payable ₦300,000; Credit Cash ₦0
Correct Answer
A
Correct Option:
Debit Office Equipment ₦250,000; Debit Delivery Expense ₦50,000; Credit Accounts Payable ₦250,000; Credit Cash ₦50,000

About This Question

This is Neco Model Questions Vol1 2023 Financial Accounting Question 35. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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