Week 5 DQ 1 - required step in the accounting process If...

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What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries? Reversing entries are the opposite of adjusting entries that have been made in a previous accounting period. While reversing entries are helpful for simplifying transactions, they are not a
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Unformatted text preview: required step in the accounting process. If the reversing entries were not used, then there would be correcting entries that would need to be addressed. Expense accounts might find the use of reversing entries very useful in the recording process. In most instances, only accrued adjusting entries are reversed. Non-accrual accounts would not use reversing entries....
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