Suspense account

This topic has 1 reply, 2 voices, and was last updated 10 years ago by John Moffat.

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January 20, 2016 at 4:03 pm #296712
Abror
Member
- Topics: 75
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How should I interpret this sentence?
A discount of $50 given to a customer had been credited to discounts received.
I would assume that debit side has been entered correctly…That’s why it doesn’t require any change to suspense account…
January 20, 2016 at 4:18 pm #296731
John Moffat
Keymaster
- Topics: 57
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Yes it does.

If you give a discount then you should debit discounts allowed!! (Not credit discounts received).
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