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the write-off of a specific customer account receivable involves decreasing an asset account and: multiple choice increasing an expense account. decreasing a liability account. decreasing a revenue account. decreasing a contra-asset account.

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The write-off of a specific customer account receivable involves decreasing an asset account and decreasing a contra-asset account.

  • When two connected accounts are netted together, a contra account is used in a general ledger to lower the value of the related account. The natural balance of a contra account is the opposite of the account it is linked to. If the associated account's natural balance is reported as a negative, the contra account records a credit. For a fixed asset, accumulating depreciation would be the contra account.
  • The related account's contra account is displayed on the same financial statement as it, often below it with a third line for the net amount.
  • Keep in mind that in order to maintain accurate financial accounting records, accountants employ contra accounts as opposed to immediately reducing the value of the original account.

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