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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What general journal entry is used to undo a previously made adjusting entry?

  1. a. Adjusting entry
  2. b. Closing entry
  3. c. Special journal entry
  4. d. Correcting entry
  5. e. Reversing entry

To determine

Find the correct option, the option that indicates the correct term for the given explanation.

Explanation

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Justification for correct answer: Reversing entries are the entries that are recorded on the first day of following fiscal period to reverse the effect of certain adjusting entries. Hence, option (e) is correct.

Justification for incorrect answers:

  • Option (a) is incorrect because adjusting entries are recorded at the end of the year, t...

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