Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $14,700; received $9,300 in cash and the rest on account. b. Paid $1,080 in wages for the month. c. Received a $500 bill for utilities that will be paid in April. d. Received $2,100 from customers as deposits on music lessons to be given in April. 1. Based on the information above, prepare a cash basis and an accrual basis income statement.