Need accounting help with the meaning of contra entry

Anonymous
timer Asked: Dec 13th, 2015
account_balance_wallet $5

Question Description

meaning of contra entry

Tutor Answer

prolificwriters
School: UIUC

Thank you for the opportunity to help you with your question!

A 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, contra entry will be recorded on the credit side and vice-versa.



Please let me know if you need any clarification. I'm always happy to answer your questions.

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Anonymous
Excellent job

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