XACC 280 Wk 5 - DQ 1 - 8047

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Request Description

A reversing entry as an exact opposite of a journal entry made at the end of an accounting period which is recorded at the beginning of the next accounting period.  Reversing entries allow an accountant to simplify the revenue and expense recognition process by recording revenues and expenses in accordance with GAAP by matching expenses with relates revenues and recording revenues when they are earned.

Solution Description

revenues and recording revenues when they are earned.

If reversing entries were not made, the process