On December 31, 2014, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded management

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On December 31, 2014, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded management fees. On January 16, 2015, Yates received $26,700 cash in management fees, which included the accrued fees earned in 2014. Assuming the company uses reversing entries, prepare the January 1, 2015, reversing entry and the January 16, 2015, cash receipt entry.

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Fundamental Accounting Principles

ISBN: 978-0077862275

22nd edition

Authors: John Wild, Ken Shaw, Barbara Chiappetta

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