Accounting for IGCSE & O level - Accounting Procedures (Section 24 - No. 49)
An error was made, the debit side totaled less than the credit side by $500. The trial balance did not balance. How would this be addressed?
A debit should be placed on the suspense account.
A credit should be placed on the suspense account.
The accounts affected by the mistake are adjusted to balance the trial balance.
The trial balance remains unbalanced and is fixed at the end of the period.
Explanation
To make the trial balance balance, the suspense account receives the debit to make the balance.
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