What are reversing entries? When are reversing entries useful?
Question:
What are reversing entries? When are reversing entries useful?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (11 reviews)
Each reversing entry is made on the first day of the new pe...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1259105692
6th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel G Short, George Kanaan, Maureen Sterling
Question Posted:
Students also viewed these Business questions
-
What are reversing entries? Are they required by GAAP?
-
What are reversing entries and how are they related to adjusting entries? When are they prepared?
-
Selected accounts taken from the general ledger of Hampsteads showed the following balances at 31 December. Required A. Prepare adjusting entries for the accounts based on the following data that are...
-
Compute for the fringe benefits tax due in the following scenarios. During 201A, Alpha Corporation gave the following fringe benefits to its employees: Salaries to rank and file employees P1,000,000...
-
Consider the reaction N2(g) + O2(g) 2NO(g) Given that G for the reaction at 25C is 173.4 kJ/mol, (a) calculate the standard free energy of formation of NO, and (b) calculate KP of the reaction. (c)...
-
The Butrico Manufacturing Corporation uses a standard cost system which records raw materials at actual cost, records materials price variance at the time that raw materials are issued to...
-
Modified wage plan Elizabeth Davis earns $20 per hour for up to 400 units of production per day. If she produces more than 400 units per day, she will receive an additional piece rate of $0.40 per...
-
1. Provide an overview of the proposed system, including costs and benefits, with an explanation of the various cost-and-benefit types and categories. 2. Develop an economic feasibility analysis,...
-
L ' J Show that the differential equation flu .__y: 55' I I Where 5': :> Or can be reduced to do : \\{1 152 d3? .1? by means of the substitution 1; : v55". Find the particular solution of u. the...
-
For the map f(x) = 2x mod 1, provide an example of a point x = [0, 1] that satisfies each of the following (a) x has period 5 (also rewrite this as a rational number) (b) x has the property that f 2...
-
Why are adjusting entries entered on the worksheet?
-
Give one example of (a) an adjusting entry that should be reversed and (b) one that should not be reversed.
-
The Port of Endover operates six berths and 12 cranes for loading and unloading freight containers from ships, organized into two areas known as the north terminal and the south terminal. The Port of...
-
6) Find the acceleration in the following: a) A cheetah starts from rest and reaches a speed of 20 m/sec in 5 seconds b) A human from rest and reaches a speed of 10 m/sec in 5 seconds c) A car...
-
Discuss why the attorney eventually decided to testify about Cashwell s confession after he had committed suicide, and discuss how the judge responded to the attorney s decision to testify.
-
Arya Co. is considering the following two independent projects. The cash flows for Project A are expressed in nominal terms, while Project B's are expressed in real terms. The appropriate nominal...
-
Problem 16 Factory Overhead Variance Wonder uses the following equation to budget its factory overhead: FOH = P1,200,000+ P2 per direct labor hour Wonder has budgeted 600,000 direct labor hours for...
-
Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes for t year ended February 1, 2020, are available here. This material...
-
Using the graph below, indicate domestic production and net imports. a. Would the United States want to raise or lower the world supply of the good? Why? b. How might that happen? Sw Pw Quantity Price
-
Write each fraction as a percent. 7 50
-
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. (a) Sold...
-
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion...
-
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion...
-
Calculate Debt to Equity Ratio: Requirements: Given the balance sheet information: Total Debt: $400,000 Total Equity: $800,000 Compute the debt to equity ratio. Express the debt to equity ratio as a...
-
A company has fixed costs of $400,000, variable costs per unit of $4, and a selling price per unit of $20. Determine the breakeven point in units and dollars, and explore the concept of target...
-
Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight - year - old son, Jorge, from his previous marriage. Diana works as a computer programmer at Datafile Incorporated (...
Study smarter with the SolutionInn App