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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Adjustment to profit and suspence account
Sir I don’t understand this (this is taken from the opentution notes)
When accounting for the telephone accrual of $70 at the year end, a single entry had been made. It was the expense account entry that had been missed out.
I don’t get it, how come there is two accounts?
If you have watched the lectures on accruals and prepayments, you will see that when the make an accrual we should debit the expense account and credit the accruals account.
