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Ruth Lewis, M.D., maintains the accounting records of Lewis Clinic on a cash basis. During 2020, Dr. Lewis collected $154,064 from her patients and
Ruth Lewis, M.D., maintains the accounting records of Lewis Clinic on a cash basis. During 2020, Dr. Lewis collected $154,064 from her patients and paid $51,041 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) Accounts receivable Unearned service revenue Accrued expenses Prepaid expenses January 1, 2020 December 31, 2020 $8,390 3,001 3,529 1,741 $14,425 4,346 2,235 3,286 Prepare a schedule that converts Dr. Lewis's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020. : RUTH LEWIS, M.D. Conversion of Cash Basis to Accrual Basis ... > > " For the Year 2020 GA $ > > +A
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