of 6 5 Slide 5 chapter 3: The Accounting Cycle: End of the Period Distinguish between accrual-basis and cash-basis accounting Knowledge Check Use the drop-down menus to indicate whether each of the following events would be recorded as revenues or expenses at the time it happens under accrual-basis and cash-basis accounting methods Cash-Basis Event September: Receive cash in advance from customers for services to be performed in November October: Purchase supplies totaling $10,000 on account. November: Receive cash for services performed in November. November: Perform services for customers who paid in advance during October December: Pay cash for the supplies that were purchased in October. Accrual-Basis select select select 4select select select select select select select submit answer & continue of 6 5 Slide 5