Contra Accounts vs. Regular Accounts: What's the Difference?

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...

🎥 Accounting Basics for Business Owners
   • Accounting Basics for Business Owners | Ac...  

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Use this link https://quickbooks.grsm.io/accounting... to access special pricing for new QuickBooks customers. Accounting How To receives a small commission if you sign up through this link. That helps keep this channel going and makes sure Terrance gets enough snacks so he doesn’t get hangry. Nobody likes a hangry T-Rex. 👹

📚 Get Caroline’s books on Amazon:

Strength in Numbers: Fast and Easy Accounting Basics for Business Owners
https://www.amazon.com/gp/product/B09...

Solving the Cash Flow Puzzle: Practical Solutions for Common Financial Problems in Your Business
https://www.amazon.com/gp/product/B09...

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Fiction books: https://www.amazon.com/Caroline-D-Gri...
Business books: https://www.amazon.com/Caroline-Grimm...


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