Reversing Entries

Reversing Entries - the need for certain compound entries....

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Reversing Entries At the beginning of each accounting period, some accountants  use reversing entries  to cancel out  the adjusting entries that were made to accrue revenues and expenses at the end of the previous  accounting period. Reversing entries make it easier to record subsequent transactions by eliminating 
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Unformatted text preview: the need for certain compound entries. Suppose Mr. Green makes an adjusting entry at the end of April to account for $80 in unpaid wages. This adjustment involves an $80 debit to the wages expense account and an $80 credit to the wages payable account....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.

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