Refer to the data in Problem 4-3B on page 231.
Required
1. Open ledger accounts for Accounts Receivable and Service Revenue. Insert their unadjusted balances at December 31, 2017.
2. Journalize the adjusting entry c only and the resulting closing entry for Service Revenue at December 31, 2017. Include explanations. Post to the accounts.
3. On January 10, 2018, Super Media received a payment of $12,000 in settlement of this invoice. Journalize this cash receipt, including an explanation, and post to the accounts. Show the balance in each account.
4. Repeat Requirements 1 through 3 using a reversing entry. Compare the balances of Accounts Receivable and Service Revenue computed by using a reversing entry with those balances computed without using a reversing entry (as they appear in your answer to Requirement 3).
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