answer in your own words. I am not looking for a textbook definition - I am looking for you to demonstrate that you understand what reversing entries are and why they are used! If, after reading the appendix and looking at the examples, you do not fully understand why a company would use reversing entries - post your best guess. Then, come back to the discussion, read the postings and see if you understand better. If you do, reply to your own post and summarize the topic in your own words. For this discussion, you may reply to a classmate or to your own post - either will satisfy the reply requirement. (Note, we are not discussing entries that reverse errors, this discussion is for entries that reverse accruals.) 1. What are reversing entries and when are they done? 2. Why are reversing entries prepared? 3. Which company would be more likely to use reversing entries and why? A small company with three employees who are paid no benefits o A large company with 1,000 employees who have vacation, insurance and many other different types of benefits