(2pts) Revenue recognition accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers and began operations in February 2018. On March 4^th, 2018, Ring The Bells, Inc. collected $2,400 in cash from customers for services performed in February 2018. On March 11^th, Ring The Bells, Inc. provided $690 worth of services to customers, all of whom paid in cash. On March 25^th, 2018 Ring the Bells provided additional services worth $3,470 on account to customers, which will not be collected until April.

(1pt) Using accrual-basis accounting, how much revenue would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.

(1pt) Using cash-basis accounting, how much revenue would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.

(2pts) Expense recognition accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers and began operations in February 2018. On March 2^nd, 2018, Ring The Bells, Inc. paid $800 in cash to creditors for supplies purchased on account on February 1^st and used in February 2018. On March 15^th, Ring The Bells, Inc. paid $1,850 in cash to employees for work done March 1^st-15^th. On March 29^th, 2018 Ring the Bells received a bill of $720 from the utility company for March utilities used which will not be paid until April.

(1pt) Using accrual-basis accounting, how much in expenses would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.

(1pt) Using cash-basis accounting, how much in expenses would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.