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Sweep Services runs a professional office cleaning service. Its clients are charged $1200 a month for the service and tax invoices are prepared four times a year on 31 January, 30 April, 31 July and 31 October. Quarterly payments are due by the fifteenth of the month following the end of a quarter. The balance in the Cleaning Fees Revenue account was $264 000 on 31 December, the end of the period. Service fees for November and December not yet recorded were $44 000.
Required
Problem (a) Prepare the adjusting entry in the general journal to record the fees revenue.
Problem (b) Assuming that reversing entries are not made, record the receipt of a $3600 quarterly payment from a client on 12 February and the receipt of $2400 on 13 February from a new client who had contracted for the service to start on 1 December.
Problem (c) Assuming that reversing entries are made to facilitate the record-keeping process, prepare the appropriate reversing entry, if any, and the receipt of cash on 12 and 13 February.
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