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THE ACCOUNTING EQUATION
ASSETS
DR×CR
+
LIABILITIES
DR×CR
++OWNER\'S EQUITY
DR×CR
+Contra Assets
DR×CR
+
++Increase Equity
Capital
DR×CR
+
Revenues
DR×CR
+
Decrease Equity
Expenses
DR×CR
Withdrawals
DR×CR
Debits
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What is contra assets?
Contra assets are accounts that have a credit balance and are offset against related asset accounts.
Who is required to file contra assets?
Companies and individuals who have contra assets on their balance sheets are required to file them as part of their financial reporting.
How to fill out contra assets?
To fill out contra assets, you need to list the contra asset accounts and their corresponding amounts on your balance sheet.
What is the purpose of contra assets?
The purpose of contra assets is to accurately reflect the net asset value of a company by offsetting the balances of related asset accounts.
What information must be reported on contra assets?
The information that must be reported on contra assets includes the name of the contra asset account, the corresponding asset account, and the amount of the contra asset.
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