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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 39
On December 31, 2014, Yates Co. prepared an adjusting entry for $12,000 of earned but unrecorded management fees. On January 16, 2015, Yates received $26,700 cash in management fees, which included the accrued fees earned in 2014. Assuming the company uses reversing entries, prepare the January 1, 2015, reversing entry and the January 16, 2015, cash receipt entry.
Explanation
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Reversing Entries
For the year of 2014-...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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