QUESTION 3 Below are two independent scenarios: 1. Vatex is a public company and is required to follow IFRS. The company recently received $50,000 for work to be performed next quarter. The bookkeeper recorded this transaction as a Debit to Cash and a Credit to Revenue. 2. Vastor is a small private company and follows ASPE. At the end of the year the company has four days of unpaid and unrecorded wages amounting to $5,600. To provide for these expenses, Vastor recorded a Debit to Wages Expense and a Credit to Wages Payable. Instructions a) Determine the basis of accounting used (accrual basis or cash basis). b) Prepare the correct entry for the opposite basis of accounting. (i.e., If cash basis is currently used, you must prepare the entry that would be recorded under accrual basis accounting)