Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. C. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Cash Basis Accrual Basis Based on the information above, prepare an accrual basis income statement. MOSTERT MUSIC COMPANY Accrual Basis Income Statement Revenues Sales Expenses Salaries and Wages Expense Utilities Expense Total Expenses Net Income Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. c. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Cash Basis Accrual Basis Based on the information above, prepare a cash basis income statement. MOSTERT MUSIC COMPANY Cash Basis Income Statement Revenues Cash Sales Customer Deposits Total Revenues Expenses Salaries and Wages Paid Cash Income