For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period.

Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Cash-Basis Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $500. 2. Pay utilities bill for the previous month, $100 3. Pay for insurance one year in advance. $1,500 4. Pay workers' salaries for the current month, $700. 5. Incur costs for employee salaries in the current month but do not pay $900, 6. Receive cash from customers at the time of service, $1,200 7. Purchase office supplies on account $230 8. Borrow cash from the bank. $3,000 9. Receive cash from customers for services performed last month, $650. 10. Pay for advertising to appear in the current month, $350