1. What is a suspense account, and when is it created in accounting? 2. How long can...

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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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International Marketing And Export Management

ISBN: 9781292016924

8th Edition

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

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Posted Date: Apr 06, 2024 04:51 AM

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1. What is a suspense account, and when is it created in accounting? 2. How long can...

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Expert Answer:

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 the full answer

International Marketing And Export Management

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