Waec Model Questions Vol1 2021 Financial Accounting Question 46
Practice objective / multiple choice question 46 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd. shows the following balances (all amounts in Naira): Debits: - Cash: 120,000 - Inventory: 85,000 - Prepaid Expenses: ? - Equipment: 250,000 - Salaries Expense: 95,000 Credits: - Accounts Payable: 150,000 - Loan Payable: 200,000 - Capital: 250,000 - Sales Revenue: 150,000 - Accrued Expenses: 40,000 The total of the debit side must equal the total of the credit side. What amount should be entered for Prepaid Expenses on the debit side to balance the trial balance?
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 46. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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