Question
M3-2 Reporting Cash Basis versus Accrual Basis Income Mostert Music Company had the following transactions in March: a.Sold music lessons to customers for $10,000; received
M3-2Reporting Cash Basis versus Accrual Basis Income
Mostert Music Company had the following transactions in March:
a.Sold music lessons to customers for $10,000; received $6,000 in cash and the rest onaccount.
b.Paid $600 in wages for the month.
c.Received a $200 bill for utilities that will be paid in April.
d.Received $1,000 from customers as deposits on music lessons to be given in April.
Complete the following statements for March:
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
