question 7 Under accrual accounting: Net income must be the same as the change in cash during a period Revenues are recognized in the period in which goods and services are provide to customers Revenue cannot be recognized until cash is received from customers Expense cannot be recognized until cash is paid for goods or services Question 8 3 pts On September 26, 2019, Basin Corp paid $42,000 for one year's rent on its headquarters building, starting on October 1. 2019. Basin records adjusting journal entries annually on its year-end date On its 12/31/2019 (year-end) financial statements, Basin Corp should report Rent Expense of $7,000 on the Balance Sheet and Prepaid Rent of $35,000 on the income Statement and Prepaid Rent of $0 on the Balance Sheet Rent Expense of $42.000 on the income Statement Prepaid Rent of $42.000 on the Balance Sheet and Rent Expense of $0 on the Income Statement Prepaid Rent of $31,500 on the Balance and Shoot Rent Expense of $10.500 on the Income Statement