If the debit as well as the credit aspects of a transaction are recorded in the cash book itself, it is called ______________.

An opening entry

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A compound entry

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A transfer entry

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A contra entry.

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Solution

The correct option is D A contra entry.
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.

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