Question

A reversing entry is ________. Group of answer choices a journal entry used to close the temporary accounts after preparation of financial statements a special journal entry used to make the adjustments that took place after preparing the trial balance a special journal entry that eases the burden of accounting for transactions in the next period a journal entry prepared at the end of an accounting period to match assets with liabilities

Answer 1

Answer:

The correct answer is the third option: a special journal entry that eases the burden of accounting for transactions in the next period.

Explanation:

To begin with, a reversing entry is the name given to a special journal entry in the accounting areas that focus on the action of reversing selected entries made in the inmediately preceding period in order to correct common human mistakes. Therefore that this type of entry has the intention of easing the burden of accounting for transactions in the next period by just noticing that is being used in the journal.