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?
- Cash account was credited with N500,000 and capital account was debited with N500,000
-
Bank account was debited with N500,000 and capital account was credited with N500,000
- Bank account was accredited with N500,000
- Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000