Daube Company's operations for the month of July are summarized as follows: Provided $9,800 of services on account. Received $3,700 cash from customers for services provided in July. Received $1,200 cash for services to be provided in August. Received $4,700 cash from customers on account for services provided in June. Paid Junes warehouse rental bill on account in the amount of $1,400. Received Julys warehouse rental bill of $1,300; 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.