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The pay period for hourly employees ends on March 28, but employees continue to earn wages through March 31, which are paid to them on
The pay period for hourly employees ends on March 28, but employees continue to earn wages through March 31, which are paid to them on April 4. The employer creates and saves a journal entry on March 31 to accrue for these expenses and then immediately reverses the journal entry. After creating and saving the journal entry and the reversing entry the employer realizes there was a mistake on the original accrual journal entry. The employer opens the original entry and makes the edits and saves the updated journal. What is the effect on the reversing entry? The reversing entry is updated automatically because the two are linked together The reversing entry is flagged as needing review The reversing entry does not change automatically and would need to be manually updated You reversing entry would be automatically deleted
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