Question

What is Contra Entry​

Answer 1

In the dual entry accounting system, a 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.

Answer 2

Answer:

A 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......