Journalizing reversing entries Ocean Breeze Associates accrued $8,500 of Service Revenue on December 31. Ocean Breeze Associates received $14,500 on January 15, including the accrued revenue recorded on December 31. Requirements Record the adjusting entry to accrue Service Revenue. Record the reversing entry. Journalize the cash receipt.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Journalizing reversing entries

Ocean Breeze Associates accrued $8,500 of Service Revenue on December 31. Ocean Breeze Associates received $14,500 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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