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A contra account: Multiple Choice Sits opposite to another related account on the opposite side of the balance sheet None of the other alternatives are

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A contra account: Multiple Choice Sits opposite to another related account on the opposite side of the balance sheet None of the other alternatives are correct Is used in the cash basis of accounting but not in accrual accounting Is only found in the income statement in the Cost of Goods Sold section Is an offset to its related parent account

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