Question: 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

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.

Step by Step Solution

★★★★★

3.46 Rating (185 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

2014 Dec 31 Accounts Receivable 12000 Management Fees Earned 12000 To record accr... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

441-B-A-A-C (5547).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

On December 31, 2010, Yates Co. prepared an adjusting entry for $24,000 of earned but unrecorded management fees. On January 16, 2011, Yates received $37,500 cash in management fees, which included...

On December 31, 2016, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded consulting fees. On January 16, 2017, Yates received $26,700 cash in consulting fees, which included...

On December 31, 2012, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded management fees. On January 16, 2013, Yates received $26,700 cash in management fees, which included...

On December 31, 2004, Yates Co. prepared an adjusting entry for $$6,700$ of earned but unrecorded management fees. On January 16, 2005, Yates received $$15,500$ cash in management fees, which...

On December 31, 2004, Yates Co. prepared an adjusting entry for $6,700 of earned but unrecorded management fees. On January 16, 2005, Yates received $15,500 cash in management fees, which included...

On December 31, 2007, Yates Co. prepared an adjusting entry for $$12,000$ of earned but unrecorded management fees. On January 16, 2008, Yates received $$26,700$ cash in management fees, which...

On December 31, 2016, Yates Co. prepared an adjusting entry for $12,100 of earned but unrecorded consulting fees. On January 16, 2017, Yates received $27,000 cash in consulting fees, which included...

On December 31, 2016, Yates Co. prepared an adjusting entry for $12.400 of earned but unrecorded consulting fees. On January 16, 2017, Yates recelved $26,000 cash in consulting fees, which included...

Ritcher decided to deposit $ 875 from May 29, 2013 to August 13, 2013 at 11.5 % per annum. Compute the amount of simple interest he will earn at the end of the term. Round to nearest . 100th. b. A...

Why are common-size financial statements useful?

Refer to Exercise 7.95. Draw a tree diagram, and use it to find the overall percent who receive As.

. During the end phase of a project, the project manager must be concerned with the responsibilities of employee ___________. a) Retention b) Morale c) Placement d) Replacement

At the beginning of April, Bernadette Grechus launched a custom computer solutions company called Softworks. The company had the following transactions during April. a. Bernadette Grechus invested...

Nuncio Consulting completed the following transactions during June. a. Armand Nuncio, the owner, invested $35,000 cash along with office equipment valued at $11,000 in the new company. b. The company...

Review the balance sheet of Polaris in Appendix A. Identify one asset account that requires adjustment before annual financial statements can be prepared. What would be the effect on the income...

CYBR 7 2 2 0 Assignment # 4 Objectives Explore the broad impact of mobile security Instructions 1 . Create a new MS Word compatible file and name it as Assignment _ 4 _ Your D 2 L ID , e . g . ,...

Chapter 17: Krager Foods Corp. has 650,000 shares outstanding. General Grocery, one of its subsidiaries, is disgusted with current management practices and is trying to get some of its own people...

What is a cloud - native application?