Economics · Accounting Principles

Which of the following statements is incorrect regarding accounting and rectification of errors?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The suspense account balance in the trial balance will be entered in the balance sheet.
2A Suspense Account always shows a debit balance.✓
3Goods given as donation should be credited to the Purchases Account.
4The sale of typewriters used for office purposes should be credited to the Typewriters Account.

Correct answer

A Suspense Account always shows a debit balance.

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