3-1A (Algo) Determine accrual-basis and cash-basis revenues and expenses (LO3-1, 3-2) 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 in the current period. Transaction Accrual-Basis Cash-Basis Revenue Expense Revenue Expense 1. Receive cash from customers in advance of services to be provided, $550. $550 2. Pay utilities bill for the previous period, $125. 125 125 3. Pay for insurance in advance of the period to be covered, $1,750. $1,750 4. Pay workers' salaries for the current period, $750. 750 750 5. Incur costs for employee salaries in the current period but do not pay, $950. 6. Receive cash from customers at the time of