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A reversing entry is made when a business disposes of an asset it previously purchased. is made when a company sustains a loss in one

A reversing entry

is made when a business disposes of an asset it previously purchased.

is made when a company sustains a loss in one period and reverses the effect with a profit in the next period.

reverses entries that were made in error.

is the exact opposite of an adjusting entry made in a previous period.

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