Meaning of contra entry

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meaning of contra entry

Dec 14th, 2015

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A contra account is where we record events that are contrary to a general ledgerparent account, also called a relating account. Contra accounts allow us to report the true value of a firm's assets. The balance of the contra account will offset its parent account while still preserving the value of the transactions recognized in the relating account.

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Dec 14th, 2015

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