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What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries?

What are reversing entries and why are they required? What would happen if reversing

entries were not made? What transactions might require reversing entries? What transactions

might not require reversing entries?

Respond to your classmates’ postings by adding to their rationales for using or not using

reversing entries.

• After examining Illustration 4-5 on p. 151 of Financial Accounting, what do you consider might

happen if

o revenue accounts are not closed? Explain why.

o expense accounts are not closed? Explain why.

o dividends are not closed? Explain why.

Respond to your classmates’ postings by agreeing with, disagreeing with, or modifying their

speculations. Provide reasons for your opinions.

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