Skidmore Music Company had the following transactions in March:

1. Sold instruments to customers for $16,100; received $11,600 in cash and the rest on account. The cost of the instruments was $8,500.

2. Purchased $4,300 of new instruments inventory; paid $1,500 in cash and owed the rest on account.

3. Paid $700 in wages to employees who worked during the month.

4. Received $3,200 from customers as deposits on orders of new instruments to be sold to the customers in April.

5. Received a $280 bill for March utilities that will be paid in April.

Cash Basis Income Statement		Accrual Basis Income Statement
Revenues		Revenues
Cash sales		Sales to customers
Customer deposits
Expenses		Expenses
Inventory purchases		Cost of sales
Wages paid		Wages expense
		Utilities expense
Net income		Net income