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Record the adjusting journal entry to accrue service revue

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Reference no: EM132420043

Problem: Ocean View Associates accrued $5000 of Service Revenue at December 31. Ocean View Associates received $17,500 on January 15 including the accured revenue recorded on December 31.

Required:

  • Record the adjusting journal entry to accrue Service Revue.
  • Record the reversing entry.
  • Journalize the cash payment.

Reference no: EM132420043

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