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Determine Revenues, Expenses and Net Income as calculated by both the Cash Basis and Accrual Basis for the following transactions during the month of
Determine Revenues, Expenses and Net Income as calculated by both the Cash Basis and Accrual Basis for the following transactions during the month of June: A) The company earned revenues of $300 during the month, but was only paid cash of $220 by customers related to those revenues. B) The company incurred expenses of $240, and paid cash of $200 toward those expenses. C) The company paid $5 an insurance policy. The policy period begins in July, the next accounting period. (This is in addition or separate to the amounts mentioned in B). D) The Company is paid $100 by customers for services to be performed in July, the next accounting period. (This is in addition or separate to the amounts mentioned in A). Work is not required on your PDF for this question, unless you are incorrect. I would issue Partial Credit for work shown. Cash Basis Revenue is $ Cash Basis Expenses are $ Cash Basis Net Income is $
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