What are reversing entries? Are they required by GAAP?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
Reversing entries are special journal entries that ease the burden of accounti...View the full answer
Answered By
Anthony Ngatia
I have three academic degrees i.e bachelors degree in Education(English & Literature),bachelors degree in business administration(entrepreneurship option),and masters degree in business administration(strategic management) in addition to a diploma in business management.I have spent much of my life in the academia where I have taught at high school,middle level colleges level and at university level.I have been an active academic essays writer since 2011 where I have worked with some of the most reputable essay companies based in Europe and in the US.I have over the years perfected my academic writing skills as a result of tackling numerous different assignments.I do not plagiarize and I maintain competitive quality in all the assignments that I handle.I am driven by strong work ethics and a firm conviction that I should "Do Unto others as I would Like them to do to me".
4.80+
76+ Reviews
152+ Question Solved
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Accounting questions
-
What are reversing entries and why are they used? Give an example of an adjusting entry and a reversing entry for salaries payable, and the later entry to pay the salaries.
-
What are reversing entries and how are they related to adjusting entries? When are they prepared?
-
What is the purpose of using reversing entries? Are they mandatory? When should they be used?
-
Suppose that there are two countries, A and B, and two goods, X and Y. Country A has a production possibility frontier (PPF) that is given by the equation X + Y = 100, while country B has a PPF that...
-
A chemist prepares dilute solutions of equal molar concentrations of NH3, NH4Br, NaF, and NaCl. Rank these solutions from highest pH to lowest pH.
-
Showtime Amusements Company owns movie theaters. Showtime engaged in the following business transactions in 2012: Sep 1 Don Cougliato invested $370,000 personal cash in the business by depositing...
-
Review each of the following items, a through \(f\), and determine whether the item supports a (1) production view of quality or a (2) customer view of quality. a. Applying management-by-exception...
-
The 2011 financial statements for The Walt Disney Company can be found on the Internet. 1. Using the financial statements and information contained in the notes, determine how much income tax expense...
-
This question is out of 5 marks. You must not spend more than 25 minutes on this question. The word limit for this question is 300 words. Jamie approaches you for advise regarding one of the...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
What are permanent accounts? Are permanent accounts closed in the closing process?
-
What is the closing process?
-
Prepare a trading and profit and loss account of M/s Green Club Ltd. for the year ending December 31, 2005. from the following figures taken from his trial balance : Adjustments 1. Depreciation...
-
You plan to purchase a $ 1 5 0 , 0 0 0 house using a 3 0 - year mortgage obtained from your local credit union. The mortgage rate offered to you is 4 percent. You will make a down payment of 2 0...
-
I have seen an example of an emerging approach that has been successful in the commercial world. Competition from other businesses operating in the same industry was fierce for the company I worked...
-
You have been given the responsibility to set up an office environment composed of 15 computers and install appropriate operating systems in those. However, you have also been advised to keep the...
-
What did you learn about accounting through this project? (About all aspects of Financial statements) What did you learn about leadership (being the supervisor) during this project? Craft the actual...
-
Assume that the given circuit is at steady state before the switch opens at time t = 0. Determine: a) Initial conditions for the capacitor voltage and inductor current t=0+ (2 points) b) Initial...
-
Solve using Separation of Variables. xyy' = 1 x 2
-
Thalina Mineral Works is one of the worlds leading producers of cultured pearls. The companys condensed statement of cash flows for the years 20182020 follows. Required Comment on Thalina Mineral...
-
We use the data in Table 4.3 once more, but now we need the forward rates for the relevant maturities in order to "predict" the cash flows on the floating leg for the second and third payment: The...
-
The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows: Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the company's...
-
The adjusted trial balance of Bradley Irrigation System at December 31, 2018, follows: Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the...
-
The unadjusted trial balance of Fleming Investment Advisers at December 31, 2018, follows: Adjustment data at December 31, 2018: a. Unearned Revenue earned during the year, $700. b. Office Supplies...
-
Cruise Corporation (a C corporation) is incorporated on February 1 and begins business on June 1. The corporation's tax year ends on December 31. Cruise incurs the following expenses during the year:...
-
Consider the following cost and cash flows from Project X, which is one of two mutually exclusive projects: year 0($800) year 1300 year 2192 year 3404 The cost of capital for the project is...
-
Un inversionista est interesado en estimar el valor intrnseco de las acciones de una empresa utilizando el enfoque de relacin precio-ganancias (P/E). A partir de la informacin disponible, se busca...
Study smarter with the SolutionInn App