Reversing Entries Explained

[@ProfessorCapko]

Please subscribe to my channel: www.youtube.com/@ProfessorCapko

[@Ali05111]

Thank you for this video. I’ve been struggling with this topic for days, and this is the only video that helped me understand clearly understand how to reverse entries 😊

[@ProfessorCapko]

I'm so glad I was able to help you. Thank you for watching my videos and for your comment. I would love for you to become a subscriber.

[@daniellefrancis9115]

Thank you for making this video. You took your time to explain everything thoroughly.

[@ProfessorCapko]

I'm so glad you found it helpful. Thank you for your comment. I'd love to have you as a subscriber to my channel.

[@destinieharris1520]

My daughter has taken over my KZbin, but I'm 31 and finally finishing my degree. I've been struggling to understand this concept for 3 days! Thank you for this video.

[@ProfessorCapko]

I'm glad you found it helpful. Thank you for your comment. I would love to have you as a subscriber.

[@nguyenvanduc2000]

I have an idea that doesn't involve reversal journal entries. Could you please have a look and point out the problem with my approach: Dec 31, 20X1: Adjusting entry Dr Wages expense: 5K Cr Wages payable: 5K Dec 31, 20X1: Closing entry Dr Income summary: 5K Cr Wages expense: 5K Jan 3, 20X2: Record incurring wages expense (3 work days) Dr Wages expense: 2K Cr Wages payable: 2K Jan 3, 20X2: Record wages payment Dr Wages payable: 7K Cr Cash: 7K ---- Thank you!

[@Tom-nn5wd]

That’s not really a reversing entry. Point of a reversing entry is to reverse a prior period accrual

[@nguyenvanduc2000]

@@Tom-nn5wd But do you have to use reversing entry to solve this accounting problem?

[@Tom-nn5wd]

@@nguyenvanduc2000 well the problem is asking for a reversing entry so yes.