Bookkeeping
Contra Account Definition + Journal Entry Examples
For this reason, contra accounts are primarily seen as having negative balances because they are used to reduce the balance of another account. Contra accounts are used to reduce http://motorzlib.ru/books/item/f00/s00/z0000006/st005.shtml the value of the original account directly to keep financial accounting records clean. A debit will be made to the Read more…