Waec Model Questions Vol1 2024 Financial Accounting Question 49

Practice objective / multiple choice question 49 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 49 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

The business purchases office supplies on credit for ₦30,000. Identify the debit and credit entries required to record this transaction.

Answer Options

A. Debit Office Supplies ₦30,000; Credit Cash ₦30,000.
Correct Answer B. Debit Office Supplies ₦30,000; Credit Accounts Payable ₦30,000.
C. Debit Office Supplies ₦25,000; Credit Accounts Payable ₦25,000.
D. Debit Accounts Payable ₦30,000; Credit Office Supplies ₦30,000.
Correct Answer
B
Correct Option:
Debit Office Supplies ₦30,000; Credit Accounts Payable ₦30,000.

About This Question

This is Waec Model Questions Vol1 2024 Financial Accounting Question 49. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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