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QUESTION
On December 31, 2012, Yates Co. prepared an adjustnig entry for $12000 of earned but unrecorded management fees.
On December 31, 2012, Yates Co. prepared an adjustnig entry for $12000 of earned but unrecorded management fees. On January 16, 2013, Yates received 26700 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 recipt entry.
