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Read each scenario and fill in the Cash basis/Accrual basis table. Orange Lily Law Firm prepays for advertising in the local newspaper. On January 1,
Read each scenario and fill in the Cash basis/Accrual basis table. Orange Lily Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $510 for six months of advertising. Secure Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. On December 31 , Secure Home has collected $700 from cash-paying customers. Secure Home's remaining customers owe the business $1,800. Momentous Occasions received $1,600 for services to be performed for the next 8 months on March 31
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