Osa started business with Le 40,000 cash. The accounting entry is debit

Accounts - Principles of Accounts WAEC 2012

Osa started business with Le 40,000 cash. The accounting entry is debit

  • cash account; credit capital account
  • capital account; credit cash account checkmark
  • purchases account; credit cash account
  • expenses account; credit capital account

The correct answer is: B

Explanation

Debit capital account (i.e the money used in starting a business) and credit cash 

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