My question is very simple, can anyone help me?
Suspense Accounts, is there a simple method to determine which side is completed with the Trial Balance error? A Trial Balance DEBIT is a Suspense Account/Journal Entry CREDIT?
Such as:
RENT is a DEBIT on the Trial Balance - there's an error with the amount and it has to be entered into a Suspense Account and do a Journal Entry. Would that be:
RENT error amount is a CREDIT in the Suspense Account and Journal? (because Rent is a TB Debit)
And the correction for this error is on the opposite side (a Debit)
And vice-versa, a Trial Balance CREDIT becomes a DEBIT in the Suspense Account?
I've seen lots of examples and complicated answers on other sites which have confused me even more and my 'learning material' is no help whatsoever and I'd really appreciate the simplest answer possible!
Many Thanks
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