Could you please help me correct the red answer Thanks Exerc

Exercise 3-18 Your answer is partially correct. Try again. Novak, M.D., maintains the accounting records of Novak Clinic on a cash basis. During 2017, Dr. Novak collected $155,992 from his patients and paid $60,414 in expenses. At January 1, 2017, and December 31, 2017, he had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) Accounts receivable Unearned service reverlue Accrued expenses Prepaid expenses anuary 1, 2017December 31, 2017 $17,087 4,464 2,024 2,924 $8,733 2,669 3,096 2,035 Prepare a schedule that converts Or. Novaks excess of cash collected over cash disbursed\" for the year 2017 to net income on an accrual basis for the year 2017 NOVAK, M.D Conversion of Cash Basis to Accrual Basls For the Year 2017 Excess of cash collected over cash disbursed (1795 Add | Increase in prepaid expenses Net income on an accrual basis

Solution

Decrease in accrued expenses = 2024-3096 = 1072 Please input the amount without any comma, the answer will be correct