JAMB Accounting 2010 Objective — Question 5
Question 5 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.
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If stationery bought for 200 has been entered as 2,000, to correct this error
- A. debit stationery with 2,200
- B. credit stationery with 1,800Correct
- C. debit stationery with 1,800
- D. credit stationery with 2200
Explanation
The correcting entry is: Dr Suspense A/c by N1,800; Cr Stationery A/c by N1,800, thereby crediting stationery with the excess N1,800 to bring the balance from 2,000 down to the correct 200.
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