Accrual-Basis Accounting (Appendix 3.1) Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly's checkbo and cash payments for operating expenses of $48,000 for the year. At the end of the year, Vickelly determined $10,000. Compute Vickelly's sales revenue, operating expenses, and net income on an accrual basis. Sales revenue Operating expenses Net income to Purchase of inventory for cash. Sale of inventory on credit. Payment of sales salaries. - Purchase of inventory on credit. Sale of merchandise for cash. Purchase of land by issuing note payable. Collection of short-term note receivable and related interest. 3. Return of defective inventory to supplier for credit to account. 2. Preparation of adjusting entries. D. Purchase of equipment for cash. equired the space provided, indicate in which journal the transaction would be recorded using th ournal, CR for cash receipts journal, and CP for cash payments journal. Purchase of inventory for cash. 2. Sale of inventory on credit. 3. Payment of sales salaries. 4. Purchase of inventory on credit. 5. Sale of merchandise for cash 6. Purchase of land by issuing note payable. Accrual-Basis Accounting (Appendix 3.1) Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly's checkbo and cash payments for operating expenses of $48,000 for the year. At the end of the year, Vickelly determined $10,000. Compute Vickelly's sales revenue, operating expenses, and net income on an accrual basis. Sales revenue Operating expenses Net income to Purchase of inventory for cash. Sale of inventory on credit. Payment of sales salaries. - Purchase of inventory on credit. Sale of merchandise for cash. Purchase of land by issuing note payable. Collection of short-term note receivable and related interest. 3. Return of defective inventory to supplier for credit to account. 2. Preparation of adjusting entries. D. Purchase of equipment for cash. equired the space provided, indicate in which journal the transaction would be recorded using th ournal, CR for cash receipts journal, and CP for cash payments journal. Purchase of inventory for cash. 2. Sale of inventory on credit. 3. Payment of sales salaries. 4. Purchase of inventory on credit. 5. Sale of merchandise for cash 6. Purchase of land by issuing note payable