Ask Experts Questions for FREE Help !
Ask
    buichristine5's Avatar
    buichristine5 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 21, 2009, 03:23 PM
    "eliminating entry"
    What does it mean by "eliminating entry"?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Discovery, Animal Planet, "Lost Tapes" series: "Monster of Monterey" (Sharon Novak) [ 28 Answers ]

I watched this premier episode last night: Sharon Novak did a 171 day solo sailing trip and web-cammed it for nothingabout the real story. My opinion of the family of Discovery Channels has dropped several notches. Does anyone know the real story? I'll be the first to apologize if the...

How to fill out the "entry date" and "Length of stay" of W-7 form? [ 2 Answers ]

Hi, My parents first entered US in Sep 2007, and then left in Jan 2008; then re-entered in Feb 2008, and left in Aug 2008. How to fill out the "entry date" and "Length of stay" of W-7 form for this? 1) for "Entry Date", which entry date should be used? 2) for "Length of stay", I need to...

Definition of "elimination entry." [ 1 Answers ]

I'm looking at a financial statement and have encountered and entry that I've never seen before -- an elimination entry. Can someone tell me what that is? Thanks!

View more questions Search