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 the accrued fees earned in 2012. Assuming the company uses reversing entries, prepare the January 1, 2013, reversing entry and the January 16, 2013, cash receipt entry.