Required: For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting in the current period. Accrual-Basis Cash-Basis Transaction 1. Receive cash from customers in advance of services to be provided, $600. 2. Pay utilities bill for the previous period, $150. 3. Pay for insurance in advance of the period to be covered, $2,000. 4. Pay workers' salaries for the current period, $800. Revenue Expense Revenue Expense $ 800 5. Incur costs for employee salaries in the current period but do not pay, $1,000. $ 1,000 $ 1,700 $ 600 $ 150 $ 2,000 800 $ 1,700 EA $ 6. Receive cash from customers at the time of service, $1,700. 7. Purchase office supplies on account, $330. 8. Borrow cash from the bank, $4,000. 9. Receive cash from customers for services performed in the previous period, $750. 10. Pay for advertising to appear in the current period, $450. 11. Purchase inventory for $600 in cash. 12. Sell inventory on account, $800. The inventory had a cost of $600.