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 the accrued fees earned in 2016. (Assume the company uses reversing entries.) a. Prepare the December 31, 2016, adjusting entry. b. Prepare the January 1, 2017, reversing entry. c. Prepare the January 16, 2017, cash receipt entry.

Second time I have posted this question. The first time A. and B. were correct but C. was incorrect. Debit cash @ 26700 was correct but credit acct rec @ 12000 and credit consulting fees @ 14700 was incorrect.