Waec Model Questions Vol1 2020 Financial Accounting Question 3
Practice essay / theory question 3 from the 2020 Waec Model Questions Vol1 Financial Accounting examination. This question covers Books of Original Entry .
The following transactions were recorded by XYZ Trading Company during the month of March. The company uses the perpetual inventory system. 1. 1 March – Purchased inventory on credit from ABC Suppliers for ₦150,000. 2. 5 March – Sold goods costing ₦90,000 for ₦180,000 cash. 3. 10 March – Paid rent for the month ₦20,000 in cash. 4. 15 March – Received cash ₦30,000 from a customer for services to be performed in April. 5. 20 March – Paid ₦50,000 to ABC Suppliers on account. At the end of March the company incurred an electricity expense of ₦5,000 which has not yet been paid. Answer the following questions.
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This is Waec Model Questions Vol1 2020 Financial Accounting Question 3. It is one of the essay questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
The question covers Books of Original Entry .
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