An account used with a related account to bring about a decrease in the net amount of the two account balances is called a contra account.
A contra account is used in a general ledger to reduce the value of a related account when the two are netted together.
Natural balance in the contra account is the opposite of the associated account.
If the natural balance has recorded the debit balance in the related account, the contra account will record a credit balance . For example, the contra account for a fixed asset is the accumulated depreciation.
Contra accounts are presented on the same financial statement as the associated account, generally appearing directly below it with a third line for the net amount.
Note that accountants always use contra accounts rather than to reduce the value of the original account directly to keep financial accounting records clean.
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Answer:
A self motivated employee is an employee with self discipline, patience and good attitudes and values. Honesty and integrity in the professional capacity is a main characteristic of such an employee.
Moreover, a self motivated demployee is always a learning employee. He or she is always curious about new knowledge and tends to gain such knowledge and experience without anyone's supervision.
Moreover, a highly self motivated mployee can exercise a high degree of autonomy and make decisions without the supervision of an superior.
Explanation:
Explanation:
The journal entries are as follows
1. Account receivable Dr $9,700
To Sales revenue $9,700
(Being the sale is recorded)
It is computed below:
= $10,000 - $10,000 × 3%
= $10,000 - $300
= $9,700
2. Cash Dr $9,700
To Account receivable $9,700
(Being the receipt of the payment is recorded)
3. Cash Dr $10,000
To Account receivable $9,700
To Sales discount forfeited $300
(Being the receipt of the payment is recorded)
Answer:
$211,689. 53
Explanation:
Calculation to determine the remaining balance (or value) of the mortgage after the payment of the fifth annual installment
Step 1 is to compute PMT using Financial calculator
I = 6%
N = 20
PV = 250,000
FV = 0
PMT=?
Hence,
PMT = 21,796.14.
Now let determine the PV using Financial calculator
I = 6%
N = 15
PMT = 21,796.14
PV=?
Hence,
PV = $211,689. 53
Therefore the remaining balance (or value) of the mortgage after the payment of the fifth annual installment is $211,689. 53