Please help! Journals and Suspense accounts!
Bambi12
Registered Posts: 1 New contributor 🐸
Hi Everyone!
I have my exam coming up in June and I really starting to panic about journals and suspense accounts. I understand why they are used but is there an easy way to know when to debit or credit each account? I've tried the whole debit gain and credit loss thing but it's making me more confused! :001_unsure:
I would really appreciate any advice or tips.
Thanks!
I have my exam coming up in June and I really starting to panic about journals and suspense accounts. I understand why they are used but is there an easy way to know when to debit or credit each account? I've tried the whole debit gain and credit loss thing but it's making me more confused! :001_unsure:
I would really appreciate any advice or tips.
Thanks!
0
Comments
-
Hi Bambi with journals remember
Debit will be increasing, credit will be decreasing.
try this link
http://www.aat-interactive.org.uk/elearning/el5_5/player.html
hope it helps
Vic0 -
journals and suspense account
hi A vic
please can you tell me how to get to interactive i see quite a few people giving links to it but how do you get into it if there no link i dont seem to be able to find it unless someone puts link on here
many thanks
lynn0 -
Debit:
An increase in an asset (Increase in cash)
Decrease in liability (reduction of overdraft)
Decrease in income (sales return)
Credit
An increase in income (sales)
An increase in a liability (Overdraft)
Decrease in asset (Decrease cash)
The use of journals is v important and popular in exams. It is crucial that you understand each and every transaction in order to maintain accurate accounts.0
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