Question on: JAMB Accounting - 1995
Diamond Ringo business was started when Mr. Diamond brought in a cheque of N500,000, which was paid into the bank account. Which of the following entries properly records the transaction?
A
Cash account was credited with N500,000 and capital account was debited with N500,000
B
Bank account was debited with N500,000 and capital account was credited with N500,000
C
Bank account was accredited with N500,000
D
Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
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Correct Option: B
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