Question: A reversing entry O is the same as the adjusting entry made in a previous period. O is made when a company sustains a loss

A reversing entry O is the same as the adjusting entry made in a previous period. O is made when a company sustains a loss in one period and reverses the effect with a profit in the next period. O reverses entries that were made in error. O is the exact opposite of an adjusting entry made in a previous period

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