Final answer:
Assets like Equipment and Machinery are normally subject to depreciation, so they have a contra asset account for Accumulated Depreciation. However, Notes Receivable, being a different type of asset, does not have a contra asset account for Accumulated Depreciation.
Step-by-step explanation:
An asset is an item of value that a firm or individual owns. Accumulated Depreciation is a contra asset account that is used to record the amount of an asset's value that has been depreciated over time. It is deducted from the original cost of the asset to determine its net book value. However, not all assets have a contra asset account for Accumulated Depreciation. Whether or not an asset has a contra asset account depends on its nature and usage. For example, Equipment and Machinery are commonly depreciated assets and would have a contra asset account for Accumulated Depreciation. On the other hand, Notes Receivable is not typically subject to depreciation and therefore would not have a contra asset account for Accumulated Depreciation.