Compare and contrast the different methods of accounting. Review the example below and identify which year the income would be taxed under each method of accounting and explain the rationale for your answer.

Jenny LLC, a calendar year company, performed private investigation services for her client on December 15, 2014. Jenny LLC sent an invoice to her client on December 29, 2014 and the client mailed the check for payment on December 31, 2014. Jenny LLC received the payment and deposited it in the back on 1/2/2015. The check cleared on 1/4/2015.