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What is a contra account? - Questions & Answers - AccountingTools

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Mar 19, 2013 ... The contra liability account is less common than the contra asset account. An example of a contra liability account is the bond discount account, ...

contra account definition | Dictionary | AccountingCoach

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An account with a balance that is the opposite of the normal balance. For example, Accumulated Depreciation is a contra asset account, because its credit  ...

What is a contra revenue account? | AccountingCoach

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A contra revenue account reduces a company's gross revenues to net revenues. Here is an example to illustrate what we have described. If Company K sells ...

Account, Contra Account, Chart of Accounts Examples Defined

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The terms Account, Chart of Accounts, Contra Account, and Valuation Allowance are defined, explained, and illustrated with accounting system examples.

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Sep 4, 2012 ... How a contra account is used (works opposite) demonstrated by (Discount to Bonds Payable), used as a balancing account between the asset ...
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Jul 28, 2011 ... Examples of contra accounts include - Allowance for Bad Debts (to Accounts Receivable). Bad Debt expense (to Sales), Accumulated ...

Contra Account: Definition & Examples - Video & Lesson Transcript ...

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General ledger accounts will have a debit or credit normal balance, and contra accounts that offset the parent account. This lesson will explain...

Definition of a Contra Account

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There are a number of situations where one account is used to offset another. One popular example is accumulated amortization, which is a contra-asset ...

What Is a Contra Account & Why Is It Important? | Chron.com

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A contra account offsets the balance of a corresponding account. Transactions made to contra accounts are presented on a company's financial statements ... [ Suspense Accounts] | Examples of Accounting for Suspense Accounts · [ Suspense ...

What is Contra Entry? - AccountingCapital

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If a debit entry is recorded in an account, contra entry will be recorded on the credit ... In the above example, both entries, debit and credit, are a contra entry of  ...

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Contra Account | Example | Explanation | My Accounting Course

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A contra account is an account with a balance opposite the normal accounts in its category. Contra accounts are usually linked to specific accounts on the ...

What are examples of contra accounts? | Reference.com

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Accumulated depreciation, purchase discounts and purchase returns are examples of contra accounts. Accumulated depreciation is a contra account in the ...

Contra Account Definition | Investopedia

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Contra accounts are reported on the same financial statement as the associated account. For example, a contra account associated with accounts receivable is ...