A suspense account is used to
Question 1 Report
A suspense account is used to
Answer Details
A suspense account is used to temporarily record transactions that cannot be properly identified or allocated to a specific account. It is a temporary account used to hold the difference between the debits and credits when preparing financial statements. It is mainly used to ensure that the books remain balanced and agree with the trial balance, while the transactions are being investigated or reconciled. Once the transaction is identified or allocated to a specific account, the suspense account is cleared by transferring the transaction to the appropriate account. Therefore, the correct option is "agree the trial balance."
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