Purchases Journal: Definition and Example
The format of the Purchases Journal will slightly vary from company to company based on how many details it wants to record, as well as what the company is doing and, accordingly, purchasing. As you can see from an example below, every company would ...
What is a Contra Asset Account? Simple Explanation and Example
An exception to the rule would be contra accounts. Contra accounts have opposite to normal account balance. Why? These accounts are created specifically for the reason to be able to decrease the amount reflected in a corresponding account in an indir...
Contra Accounts. What is a Contra Revenue Account?
The normal balance of a contra account for an Asset is credit. Thus, you could describe a contra asset as a negative asset. It is an account that reduces or offsets an account it is assigned to. For example, Accumulated depreciation on equipment redu...