Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 2014, he collected $200,000 in

Question:

Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 2014, he collected $200,000 in fees from his patients. At December 31, 2013, Dr. Hamilton had accounts receivable of $18,000. At December 31, 2014, he had accounts receivable of $25,000 and unearned fees of $8,000.

Required:

On the accrual basis, what was Dr. Hamilton’s patient service revenue for 2014?

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...