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Accounts (Principles of Accounts) · Double entry and the ledger

Accounts (Principles of Accounts)Double entry and the ledgerJAMB

Chinedu started business by paying ₦500,000 into a business bank account. The correct entry is

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Answer: A. debit bank account; credit capital account

The bank (asset) increases, a debit; the owner's capital (liability to the owner) increases, a credit.

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