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suspense account
suspense accounts are place in trail balance
Replies (3)
suspense should be cleared before finalized the accounts
Yes... I agreed to Mr. NAVEEN CHAND...
It will be cleared at the time of Finalize the Accounts...
The suspense account is used because the proper account could not be determined at the time that the transaction was recorded.
When the proper account is determined, the amount will be moved from the suspense account to the proper account.
When the proper account is determined, the amount will be moved from the suspense account to the proper account.
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