ACCOUNT
JAMB 2023 - Question 15
Account 2023 JAMB Past Questions - Question 15: The effect of transaction when cash is paid into the bank is?
A:
B:
C:
D:
Correct Answer
B
Explanation
When cash is paid into the bank, the cash balance decreases because you are taking cash out of your possession and depositing it into the bank. On the other hand, your bank balance increases because you are adding money to your bank account. Therefore, the effect of the transaction is that the cash balance decreases and the bank balance increases.
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