Explain the similarities and differences between the modified accrual and accrual bases of accounting. January 1 Billed customers $4,000 for services rendered. 3 Purchased $500 of supplies on account. 5 Purchased a truck costing $30,000 (to be paid for on February 3).11 Collected $2,000 from customers on account.15 Recorded accrued wages to date, $3,000.17 Paid for supplies.21 Paid wages.February 3 Paid for the truck. 5 $200 of supplies have been used. 6 Depreciation on the truck for the month was $500