There are four key types of contra accounts— contra asset, contra liability, contra equity, and contra revenue . Contra assets decrease the balance of a fixed or capital asset, carrying a credit balance. Contra liabilities reduce liability accounts and carry a debit balance.
16 июн. 2024 г.
15 авг. 2024 г. · Types of contra asset accounts · 1. Accumulated depreciation · 2. Accumulated depletion · 3. Obsolete inventory reserves · 4. Allowance for doubtful ... |
Contra Account | Definition + Journal Entry Examples www.wallstreetprep.com › knowledge › contra-...
Contra Account Examples The most common examples of contra-accounts are the following: Contra Asset: Accumulated Depreciation, Allowance for Doubtful Accounts. ... |
22 авг. 2023 г. · A contra account is an asset account that is kept at either a negative or zero balance and is used on a balance sheet to offset the positive ... |
A contra asset account is an asset account in which the natural balance of the account will either be a zero or a credit (negative) balance. |
3. Revenue Contra Account. Contra revenue is a general ledger account with a debit balance that reduces the normal credit balance of a standard revenue account ... |
The two most common contra accounts are the allowance for doubtful accounts/bad debt reserve, which is subtracted from accounts receivable, and accumulated ... |
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