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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, Accounting

Category:- Accounting Basics
Reference No.:- M92643403

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