Journalizing reversing entries lake view associates accrued, Accounting Basics

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Journalizing reversing entries lake view associates accrued

Question: Journalizing reversing entries Lake View Associates accrued $7,000 of Service Revenue at December 31. Lake View Associates received $13,500 on January 15, including the accrued revenue recorded on December 31.

Requirements: 1. Record the adjusting entry to accrue Service Revenue.

2. Record the reversing entry.

3. Journalize the cash receipt.

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Accounting Basics: Journalizing reversing entries lake view associates accrued

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Accounting Basics: Journalizing reversing entries lake view associates accrued

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