Contra Account

𝐖𝐡𝐲 𝐃𝐨 𝐖𝐞 𝐍𝐞𝐞𝐝 𝐀 𝐂𝐨𝐧𝐭𝐫𝐚 𝐀𝐜𝐜𝐨𝐮𝐧𝐭?

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A contra account reduces the balance of its associated account and also recognizes the reason for reducing it.