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Bill is unsure of the accounting entries required to account for a contra between the receivables ledger control and payables ledger control accounts for $1,250
What are the journal entries required to account correctly for a contra between trade receivables and trade payables control account?
Q> Isn’t contra to fill in a difference when the trial balance doesn’t balance?
if it just says a contra between two accounts, how do you know which one to correct?
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