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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

REVERSING ENTRIES From the spreadsheet in Exercise 15-5B, identify the adjusting entry(ies) that should he reversed and prepare the reversing entry(ies).

To determine

Prepare reversing entry of Company MC.

Explanation

Reversing entry: Entries made on the first day of the next accounting cycle, and it abridges the recording transactions in the different period. It is an opposite of adjusting entry.

Prepare reversing entry of wages payable.

DateAccount titles and ExplanationDebitCredit
January 1Wages payable$200 ...

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