5 007 Problem 3-1A (Algo) Determine accrual-basis and cash-basis revenues and expenses (LO3-1, 3-2) Required For each ansaction, determine the amount of revenue or expense, if any, that is recorded under accrual basis accounting and under cash bass accounting in the cament period Answer is not complete. Transaction 1 Raceive ca from loners adence of services to be provided $470 Pay for murance in advance of the period to be covered $1.350 Pay workers sales for the current 00 oyee satees in the curent period but do not pay $870 6 Raceve cash but comes at the Sme of service $1,000 7 Purchase office suppon account $200 Domow cash from the link $2,700 Receive cash from customers for services performed in the previous period 1020 18 Pay for adverting to appear in the cut $300 Accrual-Basis Cash-Basis Revenue Expense Revenue Expense 4700 BO $ 13000 3 670 O 470 5 14500 15 200 O 2.700 O 620 00 320- Return to question