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how can suspense account be created in this entry?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › how can suspense account be created in this entry?

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by John Moffat.
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  • October 5, 2021 at 3:00 pm #637029
    Yaashi
    • Topics: 3
    • Replies: 1
    • ☆

    a cash refund of $50 given to a customer had been credited to
    purchases

    October 5, 2021 at 3:57 pm #637037
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49595
    • ☆☆☆☆☆

    It should have been debited somewhere (to which account depends on why the refund was given).

    Therefore at the moment the debit side of the trial balance will be $50 too low and the credit side will be $50 too high. Therefore a suspense account will be created with a debit balance of $100.

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