Waec Model Questions Vol1 2017 Financial Accounting Question 41

Practice objective / multiple choice question 41 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 41 WAEC_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

A business purchased equipment for ₦200,000 cash. Record the journal entry for this transaction.

Answer Options

A. Debit Equipment ₦200,000; Credit Accounts Payable ₦200,000

Correct Answer B. Debit Equipment ₦200,000; Credit Cash ₦200,000

C. Debit Equipment ₦200,000; Credit Cash ₦150,000

D. Debit Cash ₦200,000; Credit Equipment ₦200,000

Correct Answer

Correct Option:

Debit Equipment ₦200,000; Credit Cash ₦200,000

About This Question

This is Waec Model Questions Vol1 2017 Financial Accounting Question 41. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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