A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a?

By: |Published on: Nov 29|Categories: Accounting JAMB| 0 comments

A. original entry
B. contra entry
C. prime entry
D. contract entry

Correct Answer:

Option B – contra entry

Explanation

contra entry is used to offset amount or same transaction against another on both side of the cashbook

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