Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on december 31, yates company prepared an adjustin

On December 31, Yates Company prepared an adjusting entry for $10,900 of earned but unrecorded...

80.2K

Verified Solution

Question

Accounting

image
image
image
image
On December 31, Yates Company prepared an adjusting entry for $10,900 of earned but unrecorded consulting revenue. On January 16. Yates recelved $25,900 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. Journal entry worksheet Record accrued revenue. Note: Enter debits before credits. Journal entry worksheet Record reversal of accrued revenue. Note: Enter debits before credits. Journal entry worksheet Record collection of consulting fees. Note: Enter debits before credits

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students