Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 33 - No. 5)
How would the payment of rent by cheque be recorded?
Debit rent expense, credit bank
Debit bank, credit rent expense
Debit rent expense, credit cash
Debit cash, credit rent expense
Explanation
Paying rent is recorded as an expense (debit) and reduces the bank balance (credit).
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