Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, Cayuga County, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times.
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. An example is an office coffee fund: Expense Coffee (Dr) may be immediately followed by Coffee-employee contributions (Cr).
What is a 'Contra Account' A contra account is an account found in an account ledger that is used to reduce the value of a related account. A contra account's natural balance is opposite of the associated account. If a debit is recorded in a related account, the contra account record also records a credit. BREAKING DOWN 'Contra Account'