Amazing Music Company had the following transactions in March:

1. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account.
2. Paid $720 in wages for the month.
3. Received a $260 bill for utilities that will be paid in April.
4. Received $2,700 from customers as deposits on music lessons to be given in April.

Based on the information above, prepare a cash basis and an accrual basis income statement.