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ACCOUNT

JAMB 2023 - Question 33

Account 2023 JAMB Past Questions - Question 33: Bello withdraws cash from bank to office, this is called ---------- entry

Bello withdraws cash from bank to office, this is called ---------- entry

A: credit

B: contra

C: double

D: debit

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Correct Answer

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.