Nonprofit Accounting Question: Download Questions PDF
Explain meant by balancing?
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Answer:
Balancing means equalizing debit and credit side totals in a T-account.
If there is a deficit on side that is, debit, or credit a suspense account is opened with the balancing figure.
If there is a deficit on side that is, debit, or credit a suspense account is opened with the balancing figure.
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