Need accounting help with the meaning of contra entry

Accounting
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meaning of contra entry

Dec 13th, 2015

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Contra entry refers to process in accounting whereby two entries are captured either to offset or reverse an entry on the either side of the account. For example, if a debit entry is recorded in an account, a contra entry will be recorded on the credit side and vice-versa.


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Dec 13th, 2015

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