Reversing entries are journal entries made to undo the entries made in the previous period. They are passed to cancel the adjusting entries . They are helpful for adjusted accounts that are accrual in nature. They help in avoiding duplication of entries. Adjusting entries are made at the end of the accounting period and are simply reversed on the first day of the next accounting period. However, all adjusting entries do not need reversing entries. Only accrued income, accrued expenses, unearned revenue and prepaid expenses require reversing entries. To journalize : Reversing entries for Krisp Architects.

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Chapter 4, Problem E4.26E

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Introduction: Reversing entries are journal entries made to undo the entries made in the previous period. They are passed to cancel the adjusting entries. They are helpful for adjusted accounts that are accrual in nature. They help in avoiding duplication of entries. Adjusting entries are made at the end of the accounting period and are simply reversed on the first day of the next accounting period. However, all adjusting entries do not need reversing entries. Only accrued income, accrued expenses, unearned revenue and prepaid expenses require reversing entries.

To journalize: Reversing entries for Krisp Architects.

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