STEP 10: Reversing Entries (Explained sa Pinakamadaling Paraan by RDS)
ACCOUNTING CYCLE STEP 10: REVERSING ENTRIES
It is a journal entry which is the EXACT OPPOSITE of a related adjusting entry made to simplify the recording of regular transaction in the next accounting period.
This step is OPTIONAL.
Ginagawa ito sa simula ng susunod na accounting period.
ANO LANG BA ANG MGA ADJUSTING ENTRIES NA NIRE-REVERSE?
Accrued Expenses
Accrued Revenues
Prepayments - EXPENSE Method
Deferred Income – INCOME METHOD
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