Accounting for IGCSE & O level - Accounting Procedures (Section 2 - No. 44)
Which of the following is an example of a contra entry in accounting?
Recording a sale.
Recording a purchase.
Offsetting a debit in one account with a credit in another account within the same system.
Paying cash to a supplier.
Explanation
Contra entries involve transactions that offset themselves within the accounting system.
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