CONTRA ENTRY Definition

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CONTRA ENTRY, in accounting, is a ledger entry which is offset by an opposite entry, either a debit or credit.

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OPEN INFLATION means that prices are rising on consumer goods and services.

CREDITORS CONTROL ACCOUNT reflects the total amount owed to all the individual creditors. The balance of the creditors control account must equal the total of the creditors list, which represents the amounts owed by the individual creditors obtained from the individual balances in the various subsidiary ledger accounts for each creditor. This subsidiary ledger is known as the creditors ledger.

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