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chapter 18.docx

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University of Calgary
ACCT 301

Chapter 18Suspense accounts have been a troubling issue whilst studying Paper 11 maybe it just requires more practice As such I have decided to present some tips that I found to be extremely helpful1 You must have a very good understanding of the errors especially those that require the use of suspense accounts 2 Obviously a sound knowledge of the double entry system 3 Even when journal entries arent required please make sure to prepare them for each error as it will indefinitely lead you to solving the problem correctlyFurthermore if you follow the following steps you shouldnt go wrongStep 1Identify the type of each error or adjustment if it requires a suspense account mark it with an S if it requires a journal entry mark it with a JE otherwise mark it with an X Nearly all errors require journal entries even those that need suspense accounts such asa Casting Errors b Posting Errors only those affecting the balance Those not affecting the balance only require journal entries c All trial balance errors tha
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