A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

JAMB Accounting 2023 👁 28 views

A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a

  1. original entry
  2. contra entry ✓
  3. prime entry
  4. contract entry

Explanation

Contra entry happens when cash is transferred between cash and bank columns in the cashbook. For example, depositing office cash into the bank creates offsetting entries on both sides.

Original entry and prime entry refer to the first time any transaction is recorded. Contract entry is not a recognized accounting term.

Remember: Contra means “against” or “opposite.” These entries appear on both debit and credit sides, canceling each other out.

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