Question on: JAMB Accounting - 2023
A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a
A
original entry
B
contract entry
C
prime entry
D
contra entry
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Correct Option: D
A contra entry is a double entry that involves both the debit and credit sides of the cash book. It is used when cash is moved between the cash and bank columns of the cash book.
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