Question on: JAMB Accounting - 2019
The rules of double entry states that
A
for every debit entry, there must be a corresponding debit entry
B
for every credit entry, there must be a corresponding credit entry
C
all transactions must be recorded in two accounts, one account is debited and another is credited
D
all transaction must be credited
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Correct Option: C
Double-entry bookkeeping, in accounting, is a system of book keeping where every entry to an account requires a corresponding and opposite entry to a different account. The double-entry has two equal and corresponding sides known as debit and credit. The left-hand side is debit and right-hand side is credit. Wikipedia
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