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WAEC Financial Accounting 2004 Question 29

Question 29

Cash Book

When both debit and credit entries in respect of a transaction are made in the same ledger account, this is

  1. A.a ledger entry
  2. B.an accounting entry
  3. C.a folio entry
  4. D.a contra entry
Show the answer and explanation

Answer: D (a contra entry)

Explanation

Entries on both sides of the same (cash book) account are contra entries.