Brief Exercise 3-4 Analyze the impact of transactions on the balance of cash, cash-basis net income, and accrual-basis net income (LO3-1, 3-2) Consider the following set of transactions occurring during the month of May for Bison Consulting Company. For each transaction, indicate the impact on (1) the balance of cash, (2) cash-basis net income, and (3) accrual-basis net income for May. The first answer is provided as an example. (Negative amounts should be indicated by a minus sign.) Impact on: Cash Balance Cash-Basis Accrual-Basis Net Income Net Income (a) $ 1,500 $ 1,500 $ (b) Receive $1,500 from customers who were billed for services in April. Provide $3,200 of consulting services to a local business. Payment is not expected until June. Purchase office supplies for $400 on account. All supplies are used by the end of May. Pay $600 to workers. $400 is for work in May and $200 is for work in April. (c) (d) (e) Pay $200 to advertise in a local newspaper in May. Totals