Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $52,350. b. Cash sales totalled $147,850. C. Cash collections on account from customers totalled $52,350. d. Cost of goods sold during the period was $25,950. e. Payments made to suppliers of inventory totalled $50,900. f. Wages of $31,800 were paid during the year. In addition, wages of $1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,370. h. At the end of the year the company paid $2,970 for the first 3 months' rent for the upcoming year. a. b. C. d. e. f. g. h. (a) on the cash basis Revenues Expenses (b) on the accrual basis Revenues Expenses