a Sold music lessons to customers for $10,600 received $6,200 in cash and the rest on account b Paid $640 in wages for the month c Received a $320 bill for utilities that will be paid in April d Received $2,150 from customers as deposits on music lessons to be given in April 1 Based on the information above, prepare a cash basis and an accrual basis income statement a Sold music lessons to customers for $10,600 received $6,200 in cash and the rest on account b Paid $640 in wages for the month c Received a $320 bill for utilities that will be paid in April d Received $2,150 from customers as deposits on music lessons to be given in April 1 Based on the information above, prepare a cash basis and an accrual basis income statement

Question

a  Sold music lessons to customers for $10,600  received $6,200 in cash and the rest on account  b  Paid $640 in wages for the month  c  Received a $320 bill for utilities that will be paid in April  d  Received $2,150 from customers as deposits on music lessons to be given in April  1  Based on the information above, prepare a cash basis and an accrual basis income statement  a  Sold music lessons to customers for $10,600  received $6,200 in cash and the rest on account  b  Paid $640 in wages for the month  c  Received a $320 bill for utilities that will be paid in April  d  Received $2,150 from customers as deposits on music lessons to be given in April  1  Based on the information above, prepare a cash basis and an accrual basis income statement

Accepted Answer

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a.	Sold music lessons to customers for $10,600; received $6,200 in cash and the rest on account.
b.	Paid $640 in wages for the month.
c.	Received a $320 bill for utilities that will be paid in April.
d.	Received $2,150 from customers as deposits on music lessons to be given in April.

Question

a. Sold music lessons to customers for $10,600; received $6,200 in cash and the rest on account. b. Paid $640 in wages for the month.

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