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Mostert Music Company had the following transactions in March: Sold music lessons to customers for $14,700; received $9,300 in cash and the rest on account.
Mostert Music Company had the following transactions in March:
- Sold music lessons to customers for $14,700; received $9,300 in cash and the rest on account.
- Paid $1,080 in wages for the month.
- Received a $500 bill for utilities that will be paid in April.
- Received $2,100 from customers as on music lessons to be given in April.
Based on the information above, create cash basis and an accrual basis income statement.
How do I know what numbers to input?
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