Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account ...

If a business fails to keep accurate records of transactions, chaos is the likely result. You could be faced with angry customers whose payments haven't been credited and vendors demanding payment for ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...