Waec Model Questions Vol1 2021 Financial Accounting Question 47

Practice objective / multiple choice question 47 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 47 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • FINANCIAL_ACCOUNTING • objective

On 15 March, XYZ Enterprises purchased equipment costing ₦500,000 on credit. The company paid ₦200,000 in cash at the time of purchase and issued a note payable for the balance. Record the journal entry for this transaction.

Answer Options

Correct Answer A. Equipment Dr ₦500,000; Cash Cr ₦200,000; Note Payable Cr ₦300,000
B. Equipment Dr ₦500,000; Cash Dr ₦200,000; Note Payable Cr ₦300,000
C. Equipment Dr ₦500,000; Cash Cr ₦300,000; Note Payable Cr ₦200,000
D. Equipment Dr ₦500,000; Cash Cr ₦200,000; Note Payable Cr ₦400,000
Correct Answer
A
Correct Option:
Equipment Dr ₦500,000; Cash Cr ₦200,000; Note Payable Cr ₦300,000

About This Question

This is Waec Model Questions Vol1 2021 Financial Accounting Question 47. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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