Question
1. What is a suspense account, and when is it created in accounting? 2. How long can an account typically remain in a suspense account
1. What is a suspense account, and when is it created in accounting?
2. How long can an account typically remain in a suspense account before corrective action is taken?
3. How are suspense accounts cleared and what are the journal entries involved in this process?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
1 A suspense account is an account used in accounting to temporarily hold transactions or balances when there is uncertainty or a discrepancy that nee...
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Step: 2
Step: 3
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
