Waec Model Questions Vol1 2023 Financial Accounting Question 31

Practice objective / multiple choice question 31 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 31 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

A business purchases equipment costing ₦150,000 and pays cash for it. Record the journal entry using the double‑entry system.

Answer Options

A. Debit Equipment ₦150,000; Credit Cash ₦100,000
B. Debit Cash ₦150,000; Credit Equipment ₦150,000
C. Debit Equipment ₦150,000; Credit Accounts Payable ₦150,000
Correct Answer D. Debit Equipment ₦150,000; Credit Cash ₦150,000
Correct Answer
D
Correct Option:
Debit Equipment ₦150,000; Credit Cash ₦150,000

About This Question

This is Waec Model Questions Vol1 2023 Financial Accounting Question 31. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

View More Waec Model Questions Vol1 2023 Financial Accounting Questions More Waec Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support