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Read moreContra Account: Definition, Types & Examples
Other than the above contra-asset accounts, we often see contra-revenue accounts for any sales returns or sales rebates. For liability and revenue accounts, credit transactions will increase and debit transactions https://bsbjakarta.com/business-day-by-day.html will decrease the account balances. Contra assets are accounts in the general ledger—where you enter your transactions—that carry a
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