Accouting Archives - Page 11 Of 11

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...

Transactions are recorded or posted to the ledger in line with?

by Sunday | Jan 8 | Accounting WAEC

A. Accounting Concept B. Source document C. Double Entry Principle D. Data collection Correct Answer: Option C C. Double Entry Principle Explanation The main principle of double-entry system is that for every debit there is a corresponding credit for an equal amount...

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

Transactions are recorded or posted to the ledger in line with?

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