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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5. 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 1,800 C. debit stationery with 1,800 D. credit stationery with 2200
- 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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