Exemplary Contra Revenue Account Examples
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Examples of Contra Revenue Accounts.
Contra revenue account examples. For example there is a sales returns contra sales account. The sales allowance shows the discounts given to customers when returning the product. The accounts normally have a credit balance and in use are offset against the purchases account which is normally a debit balance.
As mentioned above there are three common contra revenue accounts. Examples of expenses are office supplies utilities rent entertainment and travel. The net balance of the accounts shows the net value of the purchases made by the business for the accounting period.
Examples of Contra Revenue Accounts. Sales Returns Contra Revenue Account. The sales returns contra sales account records the sales value of goods returned by a customer.
It is really useful to work with this account because it contains information about the sales value of products that were returned by the buyer. Contra revenue transactions are recorded in one or more contra revenue accounts which usually have a debit balance as opposed to the credit balance in the typical revenue account. The Contra Revenue Account Contra revenue is a deduction from gross revenue which results in net revenue.
What is a contra-revenue account. A major example of a contra account is the accumulated depreciation. It is a deduction from equity because it represents the amount paid by a corporation to buy back its stock.
Sales Discounts Contra Revenue Account. Again accumulated depreciation reduced fixed and capital asset balances. There are different types of contra revenue accounts.
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