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Types of Contra Accounts

Types of Contra Accounts

A contra account is an account with a balance opposite the normal accounts in its category. Contra accounts are usually linked to specific accounts on the balance sheet and are reported as subtractions from these accounts.

Contents:

1 What is a Contra Account? Definition
2 Types of Contra Accounts – Explanation
3 Example

3.1 How are Contra Accounts Used and Reported?

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