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contra liability account

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A liability account with a debit balance. Discount on Bonds Payable is a contra account associated with the liability account Bonds Payable.

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  • Debits and Credits
  • Adjusting Entries
  • Financial Statements
  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Working Capital and Liquidity
  • Financial Ratios
  • Bank Reconciliation
  • Accounts Receivable and Bad Debts Expense
  • Accounts Payable
  • Inventory and Cost of Goods Sold
  • Depreciation
  • Payroll Accounting
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Certificate - Debits and Credits
Certificate - Adjusting Entries
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Certificate - Balance Sheet
Certificate - Income Statement
Certificate - Cash Flow Statement
Certificate - Working Capital
Certificate - Financial Ratios
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Certificate - Accounts Receivable and Bad Debts Expense
Certificate - Accounts Payable
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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