Identify the accounting concept that describes each situation belo. Do not use any concept more than once

n ts fus year dt eperetons, Pharoah Company recognized 93,800 in service revenue, 16,40o of wilich was on account ang sil utstandng at year end. The remainin 25A00was received In cash from customers The company incurred opereting expenses of $16,600. of these expenses, $12,730 prepaid $2.390 for insurance coverage that would not be used until the second year of operations. were paid in cash; $3,870 was still owed on account at year-end. In addition, Pharoah Calulate the first year's net earnings under the cash basis of accounting, and the first years net eamings under the accrual basis of accounting