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* "Accumulated depreciation," a contra account, is not netted against its related primary account, "furniture and fixtures."
Treasury stock is defined as "stock which (1) has been issued as fully paid, (2) has later been reacquired by the corporation and (3) has not been canceled or reissued." Treasury stock is recorded as a contra account in the equity section of the balance sheet.
(15) If you both sell and purchase from the same customer, set up a "contra account" by offsetting the delinquent receivables against the payables.
Credit grantors have been perplexed as to whether they may offset credit balances or other contra accounts, with monies owed by the debtor, once a bankruptcy is filed.