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In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________

A Debit entry

B Contra entry

C Credit entry

D Reversal entry

Answer is B

Contra entries are recorded to reverse or offset an entry on the other side of an account.

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