g Kingman Consulting uses the cash basis of accounting and a fiscal year ending December 31. Beginning on September 1, 2021, Kingman performs services for Renfro International at a rate of $5,000 per month. On February 12, 2022, Renfro pays Kingman $25,000 in full for all services rendered from September 1, 2021 to January 31, 2022. Kingman understated revenues by on its 2021 income statement.
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