Meadows Manufacturing follows the accrual basis. An accrual results when and a deferral results when O product has been delivered after $6,000 cash is received; $4,500 cash is paid for the previous quarter's insurance for property. O a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. O a customer has been billed before $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. O product has been delivered after $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property