ISSN: 2582-3647
Increase the liability account because, as employees earn wages, you owe more. Since you haven’t run payroll yet, the $1,923 of gross wages represents the money you owe. We’ll balance that by adding items to
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Content Contra liability accounts Example of a Contra Account Contra asset accounts journal entries What is the importance of Contra Asset Accounts? For instance, a contra account that relates to an accounts receivable is called
