On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded consulting revenue.
Question:
On December 31, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded consulting revenue. On January 16, Yates received $26,700 cash as payment in full for consulting work it provided that began on December 18 and ended on January 16. The company uses reversing entries.
a. Prepare the December 31 adjusting entry.
b. Prepare the January 1 reversing entry.
c. Prepare the January 16 cash receipt entry.
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The scenario presents a company Yates Co that has earned revenue for services provided consulting wo...View the full answer
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