3-1A 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 1. Receive cash from customers in advance, $580. 2. Pay utilities bill for the previous month, $140. 3. Pay for insurance one year in advance, $1,900. 4. Pay workers' salaries for the current month, $780. 5. Incur costs for employee salaries in the current month but do not pay, $980. 6. Receive cash from customers at the time of service, $1,600. 7. Purchase office supplies on account, $310, 8. Borrow cash from the bank, $3,800. 9. Receive cash from customers for services performed last month, $730. 10 Pay for advertising to appear in the current month, $430. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense