Evaluate total income on an accrual basis for the year

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Reference no: EM134012

Question :

Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. In 2007, Dr. Accardo collected \$142,600 from her patients and paid \$55,470 in expenses. At 1st January, 2007, and 31st December, 2007, she had accounts receivable, accrued expenses, unearned service revenue, and prepaid expenses as follows. (All long-lived assets are rented.)

January 1, 2007                   December 31, 2007

Accounts receivable                    \$9,250                                   \$15,927

Unearned service revenue          2,840                                      4,111

Accrued expenses                      3,435                                      2,108

Prepaid expenses                       1,917                                       3,232

Instructions

Purpose a schedule that converts Dr. Accord's excess of cash collected over cash disbursed for the year 2007 to total income on an accrual basis for the year 2007.

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