A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is
Question 1 Report
A rent ₦12,000 was paid by Taiwo to his landlord by cheque. The double entry in Taiwo's books is
Answer Details
The double entry in Taiwo's books would be:
Debit Rent Account: The rent paid is an expense, therefore, it should be debited to the Rent Account.
Credit Bank Account: The rent was paid by cheque, hence it is a decrease in Taiwo's bank balance, and should be credited to the Bank Account.
Therefore, the correct answer is: debit Rent account, credit Bank account.
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