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?

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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... View full answer

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