Neco Model Questions Vol1 2023 Financial Accounting Question 40
Practice objective / multiple choice question 40 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The General Expenses account of a sole trader has a debit opening balance of \(\text{₦}12,000\). During the month the following entries were posted: 1) Purchased office supplies on cash for \(\text{₦}3,500\); 2) Paid electricity bill \(\text{₦}1,200\); 3) Received a refund from a supplier for returned goods \(\text{₦}800\) (recorded as a credit); 4) Paid rent in advance for the next month \(\text{₦}2,000\) (recorded as a debit). What is the closing balance of the General Expenses account and is it a debit or credit balance?
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 40. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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