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A suspense account is an account used temporarily to carry doubtful entries and discrepancies pending their analysis and permanent classification. It can be a repository for monetary transactions (cash receipts, cash disbursements and journal entries) entered with invalid account numbers.
Journal entries can record unique items or recurring items such as depreciation or bond amortization. In accounting software , journal entries are usually entered using a separate module from accounts payable , which typically has its own subledger , that indirectly affects the general ledger .
A reclass or reclassification, in accounting, is a journal entry transferring an amount from one general ledger account to another. This can be done to correct a mistake; to record that long-term assets or liabilities have become current; or to record that an asset is now being used for a different purpose (e.g. lands becoming investment property intended for resale, rather than as property ...
The general ledger should include the date, description and balance or total amount for each account. Because each bookkeeping entry debits one account and credits another account in an equal amount, the double-entry bookkeeping system helps ensure that the general ledger is always in balance, thus maintaining the accounting equation:
Houston Texans wide receiver Tank Dell is out for the rest of the season after suffering a dislocated knee, torn ACL and other damage, Texans head coach DeMeco Ryans said to reporters Monday.
A suburban New York police department routinely violated residents’ civil rights, including making illegal arrests and using unnecessary strip and cavity searches, according to a new U.S ...
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Combs' attorneys denied the allegations put forth by the Jane Doe in a statement to PEOPLE. “This amended complaint and the recent extortion lawsuit against Mr. Buzbee exposes his barrage of ...