Mostert Music Company had the following transactions in March a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April d. Received $3,250 from customers as deposits on music lessons to be given in April.

1. Based on information above, prepare a cash basis and an accrual basis income statement.