Waec Model Questions Vol1 2019 Financial Accounting Question 29

Practice objective / multiple choice question 29 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2019 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 29 WAEC_MODEL_QUESTIONS_VOL1 • 2019 • FINANCIAL_ACCOUNTING • objective

A business sold goods costing ₦40,000 for ₦60,000 on credit. Record the journal entries required to recognise the sale and the cost of goods sold.

Answer Options

A. Debit Cash ₦60,000; Credit Sales Revenue ₦60,000; Debit Cost of Goods Sold ₦40,000; Credit Inventory ₦40,000
B. Debit Accounts Receivable ₦60,000; Credit Sales Revenue ₦60,000; Debit Inventory ₦40,000; Credit Cost of Goods Sold ₦40,000
C. Debit Accounts Receivable ₦60,000; Credit Sales Revenue ₦60,000; Debit Cost of Goods Sold ₦30,000; Credit Inventory ₦30,000
Correct Answer D. Debit Accounts Receivable ₦60,000; Credit Sales Revenue ₦60,000; Debit Cost of Goods Sold ₦40,000; Credit Inventory ₦40,000
Correct Answer
D
Correct Option:
Debit Accounts Receivable ₦60,000; Credit Sales Revenue ₦60,000; Debit Cost of Goods Sold ₦40,000; Credit Inventory ₦40,000

About This Question

This is Waec Model Questions Vol1 2019 Financial Accounting Question 29. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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