Question

Which two accounts are involved in contra entry? ​

Answer 1

Answer:

A contra entry is recorded when the debit and credit affect the same parent account and resulting in a net zero effect to the account. These are transactions that are recorded between cash and bank accounts.

Answer 2

ᴀ ᴄᴏɴᴛʀᴀ ᴇɴᴛʀʏ ɪs ʀᴇᴄᴏʀᴅᴇᴅ ᴡʜᴇɴ ᴛʜᴇ ᴅᴇʙɪᴛ ᴀɴᴅ ᴄʀᴇᴅɪᴛ ᴀғғᴇᴄᴛ ᴛʜᴇ sᴀᴍᴇ ᴘᴀʀᴇɴᴛ ᴀᴄᴄᴏᴜɴᴛ ᴀɴᴅ ʀᴇsᴜʟᴛɪɴɢ ɪɴ ᴀ ɴᴇᴛ ᴢᴇʀᴏ ᴇғғᴇᴄᴛ ᴛᴏ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ. ᴛʜᴇsᴇ ᴀʀᴇ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴛʜᴀᴛ ᴀʀᴇ ʀᴇᴄᴏʀᴅᴇᴅ ʙᴇᴛᴡᴇᴇɴ ᴄᴀsʜ ᴀɴᴅ ʙᴀɴᴋ ᴀᴄᴄᴏᴜɴᴛs.❤