First, the formula for net income is Net income= ???? Your monthly transactions included Aug 1 Received cash for lawns that were cut last week, $30 Aug 1 Received cash for cutting lawn today $20 Aug 3 Paid employee $25 for work done today Aug 8 Received cash for cutting lawn $40 Aug 14 Received cash, in advance, for service to be performed next month $100 Aug 20 Cut a neigbors lawn, will be paid later when they return from vacation $30 Aug 20 Paid for gas for lawn mowers $40 Aug 24 Received $200 for lawns cut today Aug 28 Your employee cut a lawn for you, you will pay him next week $25 Aug 31 Paid for oll for lawn trimmer $15 The Net income for August According to the cash basis of accounting was $ Show revs and exp below (list each amount) Rev: Exp The Net income for August using the accrual basis of accounting was $ Itemize revs and exp below (each amount) Rev Exp