JAMB Accounting 2013 Objective — Question 4

Question 4 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 4 and 5. July 1 - Started business with ₦10,500 July 31 - Paid Agromachinex owing to them ₦6,000 The double entry for July 1 would be

A. debit capital and credit cash
B. credit cash and debit bank
C. debit capital and credit capitalCorrect
D. debit purchases and credit cash

Explanation

Dr: Cash/Bank A/c; Cr: Capital A/c. (Note: per the printed answer key the labelled correct option is C.)

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