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 Revenue Expense Revenue Expense Transaction 1. Receive cash from customers in advance, $550. 2. Pay utilities bill for the previous month, $125. 3. Pay for insurance one year in advance $1,750. 4. Pay workers' salaries for the current month, $750. 5. Incur costs for employee salaries in the current month but do not pay, $950. 6. Receive cash from customers at the time of service, $1,450. 7. Purchase office supplies on account, $280. 8. Borrow cash from the bank, $3,500. 9. Receive cash from customers for services performed last month, $700. 10 Pay for advertising to appear in the current month, $400