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buichristine5
Jul 21, 2009, 03:23 PM
what does it mean by "eliminating entry"?
ROLCAM
Jul 22, 2009, 04:58 AM
Eliminating entry means that the entry which is usually a Journal Entry is NO LONGER
required. There is a very simple method to deal with this.
You just reverse the entry you want eliminated.

REVERSING an entry example:-

ORIGINAL.

DEBIT COMPUTER ACCOUNT $1,000
CREDIT BANK ACCOUNT $1,000

being purchase of a computer.

REVERSED ENTRY.

CREDIT COMPUTER ACCOUNT $1,000
DEBIT BANK ACCOUNT $1,000

reversing purchase of a computer NO LONGER
required.