M3-2 Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April. d. Received $3,250 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Cash Basis Accrual Basis Based on the information above, prepare a cash basis income statement MOSTERT MUSIC COMPANY Cash Basis Income Statement Revenues Cash Sales Customer Deposits Total Revenues Expenses Salaries and Wages Paid Cash Income Cash BasisAccrual Basis Based on the information above, prepare an accrual basis income statement MOSTERT MUSIC COMPANY Accrual Basis Income Statement Revenues Sales Expenses Salaries and Wages Expense Utilities Expense Total Expenses Net Income