What Is a Contra Account?

Автор: Simple Explain

Загружено: 2023-12-24

Просмотров: 1607

Описание: Today, we will talk about what a contra account is, how to understand it, the different types, the recording process, and an example of it. A contra account is used in a general ledger to reduce the value of a related account, typically with the opposite natural balance. Various types include contra asset, contra liability, contra equity, and contra revenue.
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What Is a Contra Account?

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