Meredith
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Contra accounts are accounts that reduce or increase the value of the main asset or liability account. The contra account is not an asset or liability in itself.
Contra-asset accounts are used to adjust the amount of the related asset account. Examples of contra asset accounts include:
- Allowance for Doubtful Accounts - Accumulated Depreciation-Land Improvements - Accumulated Depreciation-Buildings - Accumulated Depreciation-Equipment - Accumulated Depletion
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