Accounting · Suspense Account
Which of the following accounting errors would cause an imbalance in the trial balance, thereby requiring a suspense account entry? (i) A machine's cost was recorded in appropriate ledger accounts as $4,280 instead of the correct $8,240. (ii) Discounts received were credited to the discounts received account and debited to the suspense account. (iii) Total purchases for March were debited to trade payables and credited to purchases. (iv) A contra entry was debited to the payables account and credited to the receivables account.
- 1(iv) only
- 2(i), (iii) and (iv)
- 3(i) and (ii) only
- 4(ii) only✓
Correct answer
(ii) only
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