Contra Account Definition + Journal Entry Examples
The series debuted in February 1987 with the Japanese coin-operated arcade game of the same name, which has since spawned several sequels produced for various platforms. A count (as used above) is one half of a musical measure, such as one quarter note in 24 time or three eighth notes in 68 time. A count may also be called a step, as contra dance is a walking form, and each count of a dance typically matches a single physical step in a figure. The NES version recomposes the seven stages of the arcade version into eight stages. Stages 2 and 3 were combined into one stage, resulting in the renumbering of the Waterfall level from Stage 4 to Stage 3, while Stages 5 and 6 were combined into the new Stage 4. The final four stages of the NES version (the Snowfield, Energy Zone, Hangar and Alien Lair) are based on the different areas featured in the arcade version’s final stage.
- Now let’s move on to counter-, a variant of contra-, which also means “opposite” or “against.” If you counter an argument, you are providing an “opposite” viewpoint, thus going “against” what has been said.
- A contra equity account is an account that is used to offset another equity account on the balance sheet.
- Between 2014 and 2018 gold moved sideways, and did not provide a safe haven during the 2015 stock market correction as gold also fell during that time.
- The allowance for doubtful accounts is a contra asset account that is used to offset Accounts Receivable on the balance sheet.
- It can help companies see the complete picture of their income and expenses and their equity or net worth.
The game also features a couple of pseudo-3D sections; one in the second stage (Base 1) and the other in the fourth stage (Base 2). In these levels, there are electric barriers that can momentarily paralyze the player if they come in contact with them, leaving them open to enemy fire in the meantime. To proceed further into these levels, the player has to destroy an orb found on the middle of the rear wall of each room. A contra market is a description of an asset or investment that moves against the trend of the broad market.
Reasons To Outsource Bookkeeping Services for Small Business
Tunes used for a contra dance are nearly always “square” 64-beat tunes, in which one time through the tune is each of two 16-beat parts played twice (this is notated AABB). However, any 64-beat tune will do; for instance, three 8-beat parts could be played AABB AACC, or two 8-beat parts and one 16-beat part could be played AABB CC. Tunes not 64 beats long are called “crooked” and are almost never used for contra dancing, although a few crooked dances have been written as novelties.
- The accumulated depreciation account has a credit balance and is used to reduce the carrying value of the equipment.
- Music in a dance can consist of a single tune or a medley of tunes, and key changes during the course of a dance are common.
- It would give a more accurate picture of the company’s fixed assets.
- With automation of accounting using accounting software, these transactions are auto-posted into the relevant ledger and there is less relevance of cash book format discussed above.
- This article will give you the definition of contra in accounting, talk about different contra accounts, and give examples.
The chart below shows the SPDR S&P 500 ETF versus gold futures (blue line), with the bottom indicator showing the correlation between the two assets. First let’s take a look at the primary prefix contra-, which means “opposite” or “against.” When you contradict someone, you speak “against” what she says. Your opinion then offers a contrast to hers, which is an “opposite” way of looking at something. If you tend to contradict what others say often, you are a contrary person, often acting “against” others to be difficult, or in the “opposite” way that other people act. ABC Computers makes sales of 90,000; unfortunately, due to a fault in a product, they received returns of 2,500. The sales will still show a sales credit on the profit and loss of 90,000, but there is also a contra returns account with a debit of 2,500.
Why Contra
Most contra dances consist of a sequence of about 6 to 12 individual figures, prompted by the caller in time to the music as the figures are danced. As the sequence repeats, the caller may cut down his or her prompting, and eventually drop out, leaving the dancers to each other and the music. A contra account is an entry on the general ledger with a balance contrary to the normal balance for that categorization (i.e. asset, liability, or equity). Unlike the arcade and NES versions, the MSX2 version is single-player only (Lance Bean does not appear in any form), and has no continuation feature; if a player loses all lives, the game will end immediately.
MSX2
There are two main power-ups in the MSX2 version, a Falcon-shaped power-up that increases the player’s running and shooting speed, as well as a gun-shaped power-up which allows the player to change their current weapon. After picking up the weapon power-up, the player can choose between the default Normal Gun or four other weapons. The Spread Gun is not featured in this version, replaced by the Rear Gun similar to the tailgun in Gradius II, which fires in two directions at the same time. Inputting the code at the title screen starts the player with thirty lives instead of the usual three. The cheat will be in effect as well when the player runs out of lives and uses a continue to retry a stage. With automation of accounting using accounting software, these transactions are auto-posted into the relevant ledger and there is less relevance of cash book format discussed above.
Stocks and gold both sank in 2008, but gold turned higher earlier than stocks and ran to the upside into the 2011 high. When the S&P 500 rose from 1995 to 2000, the price of gold declined and had a negative correlation. Gold started rising while stocks were falling, trading relatively flat and then picking up steam to the upside in mid-2001. Have you ever considered that counterfeit and counterclockwise are related? When a crook makes counterfeit money, he makes money that is the “opposite” of genuine cash, whereas a counterclockwise motion goes in the “opposite” direction that a clock’s hands usually run. Contra dances take place in more than 200 cities and towns across the U.S. (as of 2020[update]),[25] as well as other countries.
Example Contra Account – Allowance for Doubtful Accounts
We can’t take credit for these videos, if you want to know more about a particular one check out who uploaded them to YouTube which appears on the right side of the YouTube page for the video. In addition, many dances (in L.A., almost all of them), have a beginners workshop that starts about 30 minutes before the actual taxable income dance, where the terms and moves are defined and demonstrated. The same terminology is used all over the country, so once you learn it in one location you can dance elsewhere and you’ll already know the moves. A boss can be found at the end of each one, which has to be defeated in order to proceed to the next one.
Understanding a Contra Market
The power-up icons for the Machine Gun and Laser Gun were also changed and are now represented by letter-based falcon symbols (M and L) used by the other weapons. The Rapid Bullets and Barrier power-ups are also more common in this version, since unlike the arcade game, the flying item capsules now appear regardless of which weapon the player character currently possesses. The NES version introduces a seventh item that clears the screen of all on-screen enemies when obtained. Contra Liability Account – A contra liability account is a liability that carries a debit balance and decreases other liabilities on the balance sheet. The allowance for doubtful accounts is a contra asset because it reduces the value of the accounts receivable (AR) account on the general ledger. Often when a company extends goods on credit, management expects some of those customers not to pay and so anticipates writing off bad debt.
How are Contra Accounts Used and Reported?
The walk through also helps dancers understand how the dance pattern leads them toward new people each time. Once the music starts, the caller continues to describe each move until the dancers are comfortable with that dance pattern. The dance progression is built into the contra dance pattern as continuous motion with the music, and does not interrupt the dancing. While all dancers in the room are part of the same dance pattern, half of the couples in the room are moving toward the band at any moment and half are moving away, so when everybody steps forward, they find new people to dance with. Once a couple reaches the end of the set, they switch direction, dancing back along the set the other way.
The series debuted in February 1987 with the Japanese coin-operated arcade game of the same name, which has since spawned several sequels produced for various platforms. A count (as used above) is one half of a musical measure, such as one quarter note in 24 time or three eighth notes in 68 time. A count…