Reversing entries are an optional book keeping procedure 1. Reversing entries are an optional book keeping procedure. 2. Reversing entries will always affect Statement of Financial Position accounts. 3. The use of reversing entries will change the amounts reported in the Statement of Financial Position. 4. After a worksheet has been completed, the statement columns contain all data that are required for the preparation of financial statements. 5. To close net income to Retained Earnings Income Summary is debited and Retained Earnings is credited. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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