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What does it mean when accounts where reversed

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Reference no: EM132766700

Question - Accrued liabilities as of December 31, 2017 were as follows:

Accrued payroll P48,000

Accrued interest payable 26,667

Dividends payable 160,000

Accrued royalties payable 39,000

The accrued payroll, Accrued interest payable, and accrued royalties payable accounts were reversed on January 1, 2018.

What does it mean when accounts where reversed?

Reference no: EM132766700

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