Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which...
BIOLOGY
JAMB 1995
Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?
- A. Cash account was credited with N500,000 and capital account was debited with N500,000
- B. Bank account was debited with N500,000 and capital account was credited with N500,000
- C. Bank account was accredited with N500,000
- D. Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
Correct Answer: B. Bank account was debited with N500,000 and capital account was credited with N500,000
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