More info 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. Calculate August income (loss) before tax under each accounting method 3. Indicate which measure of net income or net loss is preferable. Use the transactions on August 11 and August 24 to explain Smarts Consulting had the following selected transactions in August: (Click the icon to view the transactions.) Read the 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 August using the cash basis and the accrual basis. (Enter " 0 " for any transactions that do not affect revenues of expenses. Use parentheses of a minus sign when entering expenses or losses. Round your answers to the nearest whole dollar.)