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• Here, we have the list of all accounts and their balances after
the closing entries have been journalized and posted to the
ledger. Additionally, it is the list of all permanent accounts
that still have balances after the closing entries have been
made.
10. Preparing Reversing Entries
• Reversing entries are made on the first day of accounting period to remove
accrual adjusting entries that were made at the end of the previous
accounting period. These accounts are:
1. Accrued Expenses
2. Accrued Revenue
3. Prepaid Expense-Expense Method
4. Unearned Revenue- Revenue Method
Three Types of Business
1. Service
2. Merchandising
3. Manufacturing
Service