Show how the following transaction will be recorded applying the double entry principle:

Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7 by cheque.

A. Dr Rent A/c; Dr Bank A/c
B. Dr Bank A/c; Cr Rent A/c
C. Dr Rent A/c; Cr Bank A/c
D. Dr Rent A/c; Cr Mr. Roi

Correct Answer: Option C

C. Dr Rent A/c; Cr Bank A/c

Explanation

In the double entry principle, we debit income and credit expenses. Rent account will be debited with the sum of #500,000 (money has come in as rent, e.i income),and credit bank account. (money has gone out of mr Rio bank account via the cheque that was issued)