- This topic has 1 reply, 2 voices, and was last updated 10 years ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
- Posts
The sale of goods to a director for $300 was recorded by debiting sales revenue account and crediting the directors current account. Why this would not require an entry to the suspense account as part of the process of correcting???
Although it would need correcting, it does not affect the suspense account because the debit is equal to the credit and therefore the trial balance will balance.
An entry in the suspense account is only needed if the trial balance does not balance.
I do suggest that you watch our free lecture on suspense accounts.
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.