Mostert Music Company had the following transactions in March

a. Sold instruments to customers for $10,000; rec'd $6,000 in cash and the rest on account, cost of the instrument was $7,000

b. Purchased $4,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account

c. Paid $600 in wages for the month

d. Received a $200 bill for utilities that will be paid in April.

e. Received $1,000 from customers as deposits on orders of new instruments to be sold to the customers in April.

Complete the following statements:

Income Statement is Cash Basis

Income Statement is Cash Basis