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CREDIT
A contra asset is a negative asset account that offsets the balance in the asset account with which it is paired.
Contra Asset : has Credit Balance
like Accumulated depreciation
and Allowance for doubtful accounts
Contra Assets Accounts deducted from Assets when reporting Balance Sheet
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Credit...................................................Thank you
A contra asset account must have a CREDIT balance
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Thank you
Credit .......................................... Thanks
Contra means its opposite of a Balance Sheet normal Balance Account.
Allowance for Doubtful Account - It's a Contra Asset Account(Accounts Receivables)
Treasury Stock - It's a Contra-Equity Account.
For that specific question its CREDIT but never be Offsetted should be shown on the face of FS or if offsetted should be disclosed on the Notes to FS.
contra assets account has a credit balance
