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What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
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 the normal balance on a sales discount account?
it is a contra -revenue account (to sales), so, that means it has a debit (dr) balance. I know because I am swagly and because that is what my accounting book told me. /swag
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.
What is a normal balance account of a Sales discount?
Sales discount account has debit balance as it causes the reduction of sales and hence a contra account of sales revenue account.
What is the definition of offset accounting?
One that reduces the gross amount of another account to derive a net balance. Accumulated depreciation, which is a contra account to fixed assets to obtain book value, is an example of an offset account. Discount on note payable, which is a reduction of notes payable to derive the carrying value, is another example.
What type of account is a sales discount?
A sales discount account is a contra-revenue account.
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.
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 the normal balance on a sales discount account?
it is a contra -revenue account (to sales), so, that means it has a debit (dr) balance. I know because I am swagly and because that is what my accounting book told me. /swag
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.
The difference between an asset account and its contra account balance is called?
net balance
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
The type of account and normal balance of accumulated depreciation is?
contra asset account, credit balance
What is the normal balance of drawing?
Drawings is a contra account. Debit is the normal balance of Drawing 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.
