Brief Exercise 3-5 (Algo) Determine accrual-basis and cash-basis net income (LO3-1, 3-2) Chelsea Technology maintains its records using cash-basis accounting. Consider the following: - During the year, the company recelved cash from customers, $49,000, and paid cash for salaries, $26,500, - At the beginning of the year, customers owe Chelsea $1,000. By the end of the year, customers owe $7,800. - At the beginning of the year, Chelsea owes salaries of $6,800. At the end of the year, Chelsea owes $ alaties of $3,900. Determine cash basis net income and accrual-basis net income for the year