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Several Contra sequels were produced following the original game. The home versions were localized in the PAL region as Gryzor on the various computer formats and as Probotector on the NES, released later.

A home version was released for the Nintendo Entertainment System in 1988, along with ports for various computer formats, including the MSX2. Kazuki Muraoka, Hidenori Maezawa, Kiyohiro SadaĬontra, known as Probotector and occasionally Gryzor in Europe and Oceania, is a 1987 run and gun action game developed and published by Konami originally released as a coin-operated arcade game on February 20, 1987. Koji Hiroshita, Shigeharu Umezaki, Shinji Kitamoto. Unfortunately, this game is currently available only in this version. Thank you for reading CFI’s guide to Contra Asset.The following emulators are available for this game: NeptunJS (JavaScript), Nesbox (Flash), RetroGames (JS) and vNES (Java). For example, if Company A reported receivables of $100,000, the journal entry above would reduce the amount of receivables by $5,000. On the balance sheet, allowance for doubtful accounts reduces the amount of receivables. The company reported credit sales of $100,000. Example of Allowance for Doubtful Accountsįor example, Company A uses the percentage of credit sales method and estimates that 5% of credit sales will default. The allowance for doubtful accounts appears on the balance sheet and reduces the amount of receivables.

At the end of year 3, the net value of the machine would be $300,000 – $300,000 in accumulated depreciation = $0.Īllowance for doubtful accounts (ADA) is a contra asset account used to create an allowance for customers that are not expected to pay the money owed for purchased goods or services.

At the end of year 2, the net value of the machine would be $300,000 – $200,000 in accumulated depreciation = $100,000.

At the end of year 1, the net value of the machine would be $300,000 – $100,000 in accumulated depreciation = $200,000.

On the balance sheet, accumulated depreciation would increase by every year to reduce the value of the machine. The journal entries will look as follows: The company estimates that the machine’s useful life is three years with no salvage value and will apply a straight-line depreciation method to the machine.

Example of Accumulated DepreciationĪssume Company A purchases a machine for $300,000. The accumulated depreciation account appears on the balance sheet and reduces the gross amount of fixed assets. Examples of fixed assets include buildings, machinery, office equipment, furniture, vehicles, etc. Contra Asset – Accumulated DepreciationĪccumulated depreciation is a contra asset account used to record the amount of depreciation to date on a fixed asset. Now let’s focus our attention on the two most common contra assets – accumulated depreciation and allowance for doubtful accounts. Contra asset accounts allow users to see how much of an asset was written off, its remaining useful life, and the value of the asset. For example, if a company just reported equipment at its net amount, users would not be able to observe the purchase price, the amount of depreciation attributed to that equipment, and the remaining useful life. Reasons to Show Contra Accounts on the Balance Sheetīy reporting contra asset accounts on the balance sheet, users of financial statements can learn more about the assets of a company. Offsetting the asset account with its respective contra asset account shows the net balance of that asset.Ĭommon examples of contra assets include: Therefore, a contra asset can be regarded as a negative asset account.

Normal asset accounts have a debit balance, while contra asset accounts are in a credit balance. The account offsets the balance in the respective asset account that it is paired with on the balance sheet. In bookkeeping, a contra asset account is an asset account in which the natural balance of the account will either be a zero or a credit (negative) balance. Updated FebruWhat is a Contra Asset Account?