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  3. Accounts - Principles of Accounts
  4. JAMB 2023
  5. Bello withdraws cash...

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

Accounts - Principles of Accounts
JAMB 2023

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: Option B
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.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts