Economics · Financial Accounting
What is the double entry for a contra entry of $500 between the receivables and payables ledgers?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Debit Cash $500, Credit Debtors $500
- 2Debit Payables $500, Credit Receivables $500✓
- 3Debit Sales $500, Credit Purchases $500
- 4Debit Receivables $500, Credit Payables $500
Correct answer
Debit Payables $500, Credit Receivables $500
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