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contra asset, credit
asset . it is contra to account receivable. and it has -Ve value . -ankur
A contra purchase account
True
The allowance for doubtful accounts is a reduction to the accounts receivable. This is a contra account, similar to accumulated depreciation.
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
contra asset, credit
asset . it is contra to account receivable. and it has -Ve value . -ankur
True
A contra purchase account
The allowance for doubtful accounts is a reduction to the accounts receivable. This is a contra account, similar to accumulated depreciation.
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.
It is a contra asset account; thus, an ASSET
Purchase return is a contra account because it reduces the balance in the Purchase account in an attempt to determine cost of goods sold. This is like sales returns and allowances being used to determine net sales on an entity's income statement.
a debit and credit
a debit and credit
a debit and credit