July 1 - Started business with #10,500 July 31- Paid Agromachinex #6,000 owing them The
FINANCIAL
JAMB 2013
July 1 - Started business with #10,500 July 31- Paid Agromachinex #6,000 owing them The double entry for July 1 would be
- A. debit capital and credit cash
- B. credit cash and debit bank
- C. debit cash and credit capital
- D. debit purchases and credit cash
Correct Answer: D. debit purchases and credit cash
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