Answer Posted / ali
a suspense account is an account used temporarily to carry
doubtful receipts and disbursements or discrepancies pending
their analysis and permanent classification.
It can be a repository for monetary transactions (cash
receipts, cash disbursements & journal entries) entered with
invalid account numbers. The account specified may not exist,
or it may be deleted/frozen. If one of these conditions
exist, the transaction should be directed to a suspense
account.
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