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Reversing Entries Financial Accounting

Reversing Entries Financial Accounting

Write a 200- to 300-word paragraph answering the following questions:

  • What are the pros and cons of using reversing entries?
  • Why are reversing entries optional?

Format your paragraph consistent with APA guidelines.

 

 

 

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Reversing entries are prepared by accountants to cancel out adjusting entries from the previous accounting period. They are only prepared for accrued expenses and revenues. The pros of using reversing entries are that they make it easier to record subsequent transactions through the elimination of the need for certain compound entries. They…………

APA

288 Words

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