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Examples of Contra Accounts are Accumulated Depreciation and Provision for Doubtful Debts
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What are the examples of contra voucher?
# Cash account to Bank account # Bank account to Cash account # Bank account to Bank account
Definition of contra assets?
Contra assets are asset accounts with creditbalances. (A credit balance in an asset account is contrary-or contra-to an asset account's usual debit balance.) Examples of contra asset accounts include: * Allowance for Doubtful Accounts * Accumulated Depreciation-Land Improvements * Accumulated Depreciation-Buildings * Accumulated Depreciation-Equipment * Accumulated Depletion * Etc. source: http://www.accountingcoach.com/online-accounting-course/05Xpg01.html -- amir
Is delivery equipment a contra asset account?
No, it is not a contra asset account. By definition, a contra asset account is an account which typically carries a credit balance and is used to accumulate amounts that are reductions of assets. Two common contra asset accounts are Allowance for Uncollectible Accounts Receivable and Accumulated Depreciation. If the delivery equipment is owned by your company then it should be considered an asset.
Purchase Return and Allowances is a contra account and its normal balance would be?
a debit and credit
If you debit an account is it decrease or increase?
increase By debiting an account means,specific amount will be deducted for credit to the account for whom it is intended, which is contra entry by nature.
What are the examples of capital contra account?
is accumulated depreciation a contra account
What are some examples of contra asset account?
Accumulated deprciation
What are the examples of contra voucher?
# Cash account to Bank account # Bank account to Cash account # Bank account to Bank account
Give some examples of contra asset account?
Accumulated Depreciation
Is drawings account is a contra account?
Drawings account is a contra account because it reduces the owner's equity account's normal balance, a credit balance.
What is an account that reduces a related account?
A contra account
How drawings account is contra equity account?
Drawing account is used to reduce the capital by the owners of the business from business that's why it is called the contra account for equity account.
Is a contra account a debit or credit account?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
An account which is offset against another account is?
contra
Is a contra account balance a debit or credit?
A contra account balance is a debit balance account. It is a general ledger account that has a balance that is an exact opposite of a normal balance. Contra accounts are generally used to report the gross and the net amount of an organization.
What is contra account?
A contra-account is a sub-account or a related account that normally has the opposite balance, thereby reducing the balance of the main account. For example, Reserve for Bad Debts is a contra-account to Accounts Receivable. A/R normally has a debit balance while the reserve normally has a credit balance.
Is a contra account a debit or a credit?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
