May 5: Remed cash for meals served to customers, $280 Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answers to the questions. The Orange Lily Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $1,870 for six months of advertising, Orange Lily Law Firm recorded $1,870 in the Prepaid Advertising account. If Orange Lily Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for the two months ending February 28? Enter this value as a positive number. Secure Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Secure Home has collected $1,690 from cash-paying customers. Secure Home's remaining customers owe the business $1,250. Secure Home recorded $1,690 of service revenue for the year. If Secure Home had recorded their service revenue using the other method, how much service revenue would they have recorded for the year? Momentous Occasions received $540 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. If Momentous Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year? Sweet Catering completed the following selected transactions during May 2016: and paid electricity bill, 5200 9:1 May 23: Served a banquet on account, s2,970 May 31: Accrued salary expense, $2,750 May 31: Recorded prepaid insurance expired, $720 May if Sweet Catering had recorded transactions using the Cash method, how much net income foss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month May? If there is a loss, enter it with parentheses or a negative sign