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The purpose of reversing entries is to: - Correct errors made in previous journal entries. - Complete a required step in the accounting cycle. -

The purpose of reversing entries is to:

- Correct errors made in previous journal entries.

- Complete a required step in the accounting cycle.

- Simplify a company's recording of certain journal entries in the future.

- Ensure that closing entries have been properly posted to the ledger accounts.

- Make certain that only permanent accounts are carried forward into the next accounting period.

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