College Accounting, Chapters 1-27
Solutions
College Accounting, Chapters 1-27
REVERSING ENTRIES From the spreadsheet in Exercise 15-5B, identify the adjusting entry(ies) that should he reversed and prepare the reversing entry(ies).
Prepare reversing entry of Company MC.
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.
| Date | Account titles and Explanation | Debit | Credit |
| January 1 | Wages payable | $200 | ... |
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