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Xacc 290 – Reversing Entries Reversing EntriesXACC/29002/07/2016 Reversing EntriesReversing entries is a method used by many accountants to simply bookkeeping when starting off in the new year to prevent errors and double entry. Reversing entries can be used for accrued income, accrued assets, unearned revenues, and prepaid expenses.Opposite of the journal entries, reversing entries are typically.