Question
12. a. During 2023, Dr. Jones collected $100k from her patients. December 31, 2022 Dr. Jones had accounts receivable of $20k and no liability for
12.
a. During 2023, Dr. Jones collected $100k from her patients. December 31, 2022 Dr. Jones had accounts receivable of $20k and no liability for deferred fee revenue. At December 31, 2023, she had accounts receivable of $18k and deferred fee revenue of $7k. Note that Dr. Jones uses a strict credit screening process for her patients and does not record an allowance for uncollectibles or writeoffs for uncollectible accounts. On an accrual basis, what was Dr. Jones patient fee revenue for 2023? Please show all work.
b. On April 1, 2023 Star Co. receives $12k in cash for 12 months of future rent from one of the tenants in Star Co.'s building. On December 31, 2023, what is the effect of the adjusting entry on the balance sheet and what type of adjusting entry is this? Show all work.
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