Reversing Entries Example, Sample, Illustration, Calculation Help Online
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Understanding the meaning of Reversing Entries
Reversing Entries are those entries that are made at the beginning of an accounting period for the adjustment entries made in the previous accounting period. Reversing entries are used by a business concern who uses accrual method of accounting that is if an accrued expense was recorded in the previous year the accountant can reverse this entry and account for the expense in the new year when it is paid. Reversing Entries for an accrued expense account will be as follows
Expense Payable a/c Dr.
To Accrued Expense a/c
When cash is paid a simple journal entry is used to record the payment that is
Expense a/c Dr.
To Cash a/c
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Reversing Entries Example Explanation
Reversing entries are best explained using example.
Example: Suppose a trader pays $5000 as rent of the shop for the month of June on July 1. It will record the rent as an accrued expense for the month of June. So, the accounting entry will be as follows
Accrued Rent a/c Dr. $5000
To Rent Payable a/c $5000
Accounting Entry on July 1: first the reversing entry will be recorded that is
Rent payable a/c Dr. $5000
To Accrued Rent a/c $5000
And when rent will be paid in cash the accounting entry will be as follows
Rent a/c Dr. $5000
To Cash a/c $5000
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