Bello withdraws cash from bank to office, this is called ---------- entry
FINANCIAL
JAMB 2023
Bello withdraws cash from bank to office, this is called ---------- entry
- A. credit
- B. contra
- C. double
- D. debit
Correct Answer: B. contra
Explanation
Contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *