Economics · Accounting - Suspense Account
Pahal's trial balance includes a temporary suspense account with a balance of $280 relating to a settlement discount on early payment of an amount due to a credit supplier. The accounting entry in the payables' account had been correctly recorded in the general ledger, but the junior accountant posted the other half of the transaction to the suspense account. What are the accounting entries required to clear the suspense account?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Debit: Sales; Credit: Suspense
- 2Debit: Suspense; Credit: Discount received✓
- 3Debit: Discount received; Credit: Suspense
- 4Debit: Suspense; Credit: Sales
Correct answer
Debit: Suspense; Credit: Discount received
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Accounting - Suspense Account MCQs →Want more practice questions on Accounting - Suspense Account?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Accounting - Suspense Account