Sharon Lee, M.D., maintains the accounting records of Lee Clinic on a cash basis. During 2020, Dr. Lee collected $ 135,521 from her patients and paid $ 57,857 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.)

		January 1, 2020		December 31, 2020
Accounts receivable		$ 9,042		$ 16,309
Unearned service revenue		2,778		3,981
Accrued expenses		3,246		2,141
Prepaid expenses		2,027		3,053

Prepare a schedule that converts Dr. Lees "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.

SHARON LEE, M.D. Conversion of Cash Basis to Accrual Basis For the Year 2020

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