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Mostert Music Company had the following transactions in March: a . Sold music lessons to customers for $ 1 5 , 0 0 0 ;
Mostert Music Company had the following transactions in March: a Sold music lessons to customers for $; received $ in cash and the rest on account. b Paid $ in wages for the month. c Received a $ bill for utilities that will be paid in April. d Received $ from customers as deposits on music lessons to be given in April. Required: Based on the information above, prepare a cash basis and an accrual basis income statement.
Mostert Music Company had the following transactions in March:
a Sold music lessons to customers for $; received $ in cash and the rest on account.
b Paid $ in wages for the month.
c Received a $ bill for utilities that will be paid in April.
d Received $ from customers as deposits on music lessons to be given in April.
Required:
Based on the information above, prepare a cash basis and an accrual basis income statement.
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