Daube Companys operations for the month of July are summarized as follows: Provided $10,000 of services on account. Received $8,000 cash from customers for services provided in July. Received $2,000 cash for services to be provided in August. Received $6,000 cash from customers on account for services provided in June. Paid Junes warehouse rental bill on account in the amount of $2,000. Received Julys warehouse rental bill of $3,000; set it aside to be recorded at a later date. Required: Determine the net income for July using the cash basis of accounting. Determine the net income for July using the accrual basis of accounting.