Jim's Gymnastics Training's operations for the month of October are summarized as follows: A.Provided $6,200 of training to students on account. B.Received $3,300 cash from students for training provided in October. C.Received $1,200 cash for training to be provided in November. D.Received $4,700 cash from students on account for training provided in September E.Paid September's gym rental bill on account in the amount of $1,300 F. Received October's rental bill of $1,300; set it aside. Required: a. Calculate Net Income for October using the cash basis of accounting. Net Income b. Calculate Net Income for October using the accrual basis of accounting. Net Income During March, the Long Life Consulting Company provides $39,000 in consulting services for a customer The customer paid $19,500; the other $19,500 was on account. Which of the following statements about these transactions is correct? O Accounts Receivable increases by $19,500, Liabilities decrease by $19,500, and Stockholders' Equity increases by $39,000 O Revenues increase by $19.500, liabilities decrease by $19,500, and stockholders' equity is unchanged. O Cash increases by $19,500, Consulting Revenue increases by $19,500, and Accounts Receivable increases by $39,000o O Cash increases by $19,500, Accounts Receivable increases by $19,500, and Consulting Revenue increase by $39,000