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 included the accrued fees earned in 2007. Assuming the company uses reversing entries, prepare the January 1, 2008, reversing entry and the January 16, 2008, cash receipt entry.