Please help! Journals and Suspense accounts!

Bambi12

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!

A-Vic

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

Vic

lynn26

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

lynn

mally

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.