Question 1 of 5 6.67 / 20 III Oriole Enterprises began operations on January 1, 2021. During 2021 and 2022, the company entered into the following transactions: 2021 2022 1. Cash collected from customers during the year for services provided that year. $ 48,800 $ 55,000 2. Accounts receivable at year end for services provided on account during the year. 11,100 17,700 3. Cash collected from customers for services provided on account the previous year. 0 11,100 4. Cash collected from customers for services to be provided the following year. 4,450 2,460 5. Services provided to customers who had paid cash in advance the previous year. 0 4,450 6. Cash paid for operating expenses incurred during the year. 17,850 19,200 7. Accounts payable at year end for operating expenses incurred on account during the year. 2,130 2,590 8. Cash paid to creditors for operating expenses incurred on account during the previous year. 0 2,130 x Your answer is incorrect. Calculate revenue, operating expenses, and profit for 2021 and 2022 using cash basis accounting. 2021 2022 Total Revenues $ 0 53250 Total Expenses 31080 Profit 31080 $ 53250 Calculate revenue, operating expenses, and profit for 2021 and 2022 using accrual basis accounting. 2021 2022 Total Revenues $ 53250 $ 0 Total Expenses 31080 0 Profit $ 22170 $ e Textbook and Media Assistance Used