Buffalo Corporation has used the accrual basis of accounting for several years. A review of the records, however, indicates that some expenses and revenues have been handled on a cash basis because of errors made by an inexperienced bookkeeper. Income statements prepared by the bookkeeper reported $27,700 net income for 2019 and $34,300 net income for 2020. Further examination of the records reveals that the following items were handled improperly. Rent was received from a tenant in December 2016. The amount, $1,030, was recorded as revenue at that time even though the rental pertained to 2017.
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Buffalo Corporation has used the accrual basis of accounting for several years. A review of the reco...
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