General journal entries that are the exact opposite of a previously completed adjusting entry are known as
A)Closing Entries
B)General Adjustments
C)Reversing Entries
D)Fiscal Entries

Question

Quizplus · Accepted Answer

General journal entries that are the exact opposite of a previously completed adjusting entry are known as "reversing entries." These entries are made at the beginning of the next accounting period to reverse the effects of the adjusting entry made in the previous period. The purpose of reversing entries is to simplify the accounting process and ensure that transactions are recorded accurately in the correct period.

General Journal Entries That Are the Exact Opposite of a Previously