Question: Lake View Associates accrued 7 000 of Service Revenue at December

Lake View Associates accrued $7,000 of Service Revenue at December 31. Associates received $13,500 on January 15, including the accrued revenue on December 31.
Requirements
1. Record the adjusting entry to accrue Service Revenue.
2. Record the reversing entry.
3. Journalize the cash receipt.

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  • CreatedJune 12, 2015
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