Reversing Entries Explained

I explain and demonstrate Reversing Entries in Accrual Accounting. I first show the Adjusting Entry, then the Closing Entry, and then I show the Reversing Entry. I do a final entry to show the impact of the Reversing Entry on the Books.
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[@ProfessorCapko]

Please subscribe to my channel: www.youtube.com/@ProfessorCapko

[@daniellefrancis9115]

Thank you for making this video. You took your time to explain everything thoroughly.

[@ProfessorCapko]

I'm so glad you found it helpful. Thank you for your comment. I'd love to have you as a subscriber to my channel.

[@destinieharris1520]

My daughter has taken over my CZcams, but I'm 31 and finally finishing my degree. I've been struggling to understand this concept for 3 days! Thank you for this video.

[@ProfessorCapko]

I'm glad you found it helpful. Thank you for your comment. I would love to have you as a subscriber.

[@nguyenvanduc2000]

I have an idea that doesn't involve reversal journal entries. Could you please have a look and point out the problem with my approach:
Dec 31, 20X1: Adjusting entry
Dr Wages expense: 5K
Cr Wages payable: 5K
Dec 31, 20X1: Closing entry
Dr Income summary: 5K
Cr Wages expense: 5K
Jan 3, 20X2: Record incurring wages expense (3 work days)
Dr Wages expense: 2K
Cr Wages payable: 2K
Jan 3, 20X2: Record wages payment
Dr Wages payable: 7K
Cr Cash: 7K
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Thank you!