Consider the following transactions.

Required:
For each transaction, determine the amount of revenue or expense, if any,that is recorded under accrual-basis accounting and under cash-basis accounting.

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Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $3,700 2. Issue common stock for cash, $6,000 3. Receive cash from customers who were previously billed, $1,700. 4. Incur utilities cost in the current month but do not pay, $600. 5. Pay workers' salaries for the current month, $700 6. Pay for rent one year in advance, $3,600._ 7. Repay a long-term note to the bank, $3,000 8. Pay workers' salaries for the previous month, $850 9. Pay dividends to stockholders,$500. 10. Purchase office supplies for cash, $540