Question

Which of the following would cause a contra-asset to be credited and an expense debited?

A. Recording an accrued expense
B. Recording the building depreciation
C. All of the above

Answer 1

Letter B. Recording the building depreciation, is the correct answer.

Answer 2

The correct option is B.

Are contra assets credited or debited?

Contra asset accounts are recorded with a credit balance that decreases the balance of an asset. A key example of contra liabilities includes discounts on notes or bonds payable. Contra liabilities hold a debit balance.

What happens when you debit a contra asset?

A contra asset account is an asset account where the account balance is a credit balance. It is described as "contra" because having a credit balance in an asset account is contrary to the normal or expected debit balance. (A debit balance in a contra asset account will violate the cost principle.)

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