Reversing Entries Required
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What are reversing entries? Why are reversing entries needed? What would be the effect if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?
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The expert examines the reversing entries required.
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Reversing entries are entries that are made in the beginning of a new period to remove adjusting entries that have been made in the previous period.
Reversing entries are needed to avoid double counting of revenues and expenses. Reversing entries are also used to ensure that proper and efficient processing of documents takes place.
For example, the following is an adjusting entry:
Dr ...
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