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Hello,
For the life of me, I can not comprehend journal entries,adjusting entries, reversing entries, closing, accruals, and deferrals. What is weird is I understand the concepts, I understand debits and credits, and the theory behind them. However, whenever I see a problem with different dates, accruals , prepaid expenses or unearned revenues, and they ask to prepare the reversing entries or adjusting journals or closings, I am completely lost and don’t know what accounts should be used to prepare those entries. I am not an Accountant and have never worked in the closing process so I do not know if that is a factor, but please can someone explain this to me or tell me what I should do to get it once and for all. I feel like I will never understand this section!!!!!!
Thanks,
Future-CPA
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