JAMB Accounting 2012 Objective — Question 7
Question 7 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.
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Use the information below to answer questions 7 and 8. Ibrahim, a microbusiness operator, sold 10 bags of sugar to Jide at total cost of ₦12,000. In the book of Ibrahim, the entry to record the transaction would be to debit
- A. sugar account ₦12,000 and credit Jide ₦12,000
- B. Jide ₦12,000 and credit sales account ₦12,000Correct
- C. Ibrahim ₦12,000 and credit Jide ₦12,000
- D. sugar account ₦12,000 and credit Ibrahim ₦12,000
Explanation
Dr: Jude A/c (debtors' A/c) with ₦1,200; Cr: Sales A/c with ₦12,000. (Note: the account debited is the debtor Jide, and credited is the Sales account.)
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