Counterbalancing..?

[gaylee]

I sucked at all my exams. And there's one more on Saturday, which I really shouldn't screw up, but I think I'm going to anyway. *sob*

And I still don't get the logic behind why failure to record prepaid and accrued expenses, as well as deferred and acrrued revenues are counterbalancing errors. I know it has something to do with reversing entries, but I never really understood reversing entries either. O_o;;

I need help. Lots of it.