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    Ahmad AL Watani's Avatar
    Ahmad AL Watani Posts: 1, Reputation: 1
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    #1

    Oct 28, 2009, 11:14 PM
    Preparing the reversing entries
    What are the entries need to be done at the beginning of the year after closing
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Oct 29, 2009, 01:01 AM

    Is this for a real company or homework?

    For homework, you should just be reversing out the accrued entries. So that basically means things you were using receivables and payables for.

    For real life stuff, that's difficult to answer for a couple of reasons. For one, there's a lot more complication to adjusting entries than what there would be for class. And second, because some of it can actually be personal preference and what the situation is. (In the end, though, it's still pretty much accruals that you're reversing.)
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