Question

Give two examples of contra entries.​

Answer 1

Answer:

For example, Accumulated Depreciation is a contra asset account, because its credit balance is contra to the debit balance for an asset account. ... Other examples include (1) the allowance for doubtful accounts, (2) discount on bonds payable, (3) sales returns and allowances, and (4) sales discounts

Answer 2

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In other words, any entry which affects both cash and bank accounts is called a contra entry.

As illustrated in the above image, the following is the list of contra transactions:

• Cash account to Bank account.
• Bank account to Cash account.
• Bank account to Bank account.
• Cash account to Cash account.