In reconciling the branch and head office accou... - JAMB Accounting 2018 Question
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________
A
Debit entry
B
Contra entry
C
Credit entry
D
Reversal entry
correct option: b
Contra entries are recorded to reverse or offset an entry on the other side of an account.
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