Masters Consulting had the following selected transactions in July: (Click the icon to view the transactions.) Requirements 1. Show how each transaction would be handled (in terms of recognizing revenues and expenses) using the cash basis and the accrual basis. 2. Compute July income (loss) before tax under each accounting method 3. Indicate which measure of net income or net loss is preferable. Use the transactions on July 11 and July 24 to explain Requirement 1. Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue or expense for July using the cash basis and the accrual basis (Enter "0" for any transactions that do not affect revenues or expenses. Use parentheses or a minus sign when entering expenses or losses. Round your answers to the nearest whole dollar.)