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John Moffat.
John Moffat.-
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ABA375
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Hi John,
how can I distinguish which entry affects the Suspense account or Journal? while solving the question some corrections appears on Suspense account some of them not.
Thank you in advance!!!??
John Moffat
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The suspense account is an artificial account that we create if the trial balance does not balance.
As I explain in my lectures, it is just to give us an easy way of making sure that we have corrected all the errors that made the trial balance not balance.
The journal is not an account. It is simply writing down double entries in words, whether or not they are entries affecting the suspense account.
You really should watch all of my lectures – in the order of the chapters in our free lecture notes – they are a complete free course and cover everything needed to be able to pass the exam well.
ABA375
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