Neco Model Questions Vol1 2023 Financial Accounting Question 47
Practice objective / multiple choice question 47 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of a firm shows the following balances (debit unless indicated credit):\n\nCash \(\text{₦}45,000\)\nAccounts Receivable \(\text{₦}30,000\)\nInventory \(\text{₦}25,000\)\nEquipment \(\text{₦}80,000\)\nAccumulated Depreciation - Equipment \(\text{₦}20,000\) (credit)\nAccounts Payable \(\text{₦}15,000\) (credit)\nCapital \(\text{₦}100,000\) (credit)\nSales Revenue \(\text{₦}120,000\) (credit)\nRent Expense \(\text{₦}12,000\)\nUtilities Expense \(\text{₦}8,000\)\n\nHowever, three errors have been made: (i) Rent Expense was mistakenly recorded as a credit, (ii) Utilities Expense was omitted completely, and (iii) Sales Revenue was entered twice. What is the corrected total of debit balances?
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 47. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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