What Is a Contra Account? | Accounting How To | How to Pass Accounting Class

What Is a Contra Account | Accounting How To is an accounting tutorial explaining what a contra account is, the types of contra accounts, what accounts are paired with contra accounts, and how contra accounts appear on financial statements. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of two playlist series: How to Pass Accounting Class and Merchandise Businesses and Inventory Cost Methods. ⏰ Accounting How To Time Stamps: 00:00 A Van Down by the River 00:32 Introduction to Contra Accounts 01:02 Purpose of a Contra Account 01:25 Example of a Contra Account 02:18 Types of Contra Accounts 03:01 Contra Account Pairings 03:54 Normal Balances for Contra Accounts 04:33 Contra Accounts and Financial Statements 🎥 Playlists: 🎥 How to Pass Accounting Class Playlist: https://youtube.com/playlist?list=PLP...