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Who can help me with this accounting Question...please!!?

How is any balance remaining in a suspense account , which is not sufficiently material to warrant any delay in the publishing of a company’s financial statements, should be dealt with in its books of account?

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Answer #1

I meant there was an error in the books that was causing the suspension.

The question sounds like it’s implying that the error is an amount that would be insignificant to the closing balance, but there can be no variation.

Answer #2

Seems to make sense to me, Ichi. Evilkitten is asking essentially, “How should any balance remaining in a suspense account be handled in the account books?{ and you are saying that another account could / should be debited. crediting the suspense account to remove the remaining balance. :) No error when worded that way, right? Or am I wrong?

Answer #3

I’m not quite sure what you’re looking for here, but a suspense account needs to have its remaining balances cleared before it can be closed. You can correct it in the journal by debiting another account and crediting the suspense…there’s an error there somewhere.

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