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The purpose of reversing entries is to: Ensure that closing entries have been properly posted to the ledger accounts. Make certain that only permanent accounts
The purpose of reversing entries is to:
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.
Complete a required step in the accounting cycle.
Simplify a company's recording of certain journal entries in the future.
Correct errors made in previous journal entries.
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