All accountants are engaged in recording and analyzing business transactions, bookkeeping, and assessing the monetary capabilities of businesses and organizations. In all likelihood, an precise transaction (that required an accrual-sort adjusting entry) will get routinely processed and recorded in the next accounting period. This presents a potential drawback in that the transaction might get entered into the accounting records twice: as soon as by way of the adjusting entry and in addition when it’s routinely processed within the subsequent accounting interval. The aim of reversing entries is to remove the accrual-type adjusting entries.
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