State whether each transaction would increase revenues, decrease revenues, increase expenses, decrease expenses, or have no effect on revenues or expenses. If revenues or expenses are affected, give the amount of the impact on revenues or expenses for March. (Round amounts to the nearest dollar enter "0" for any transactions that do not affect revenues or expenses. Use parenthesis or a minus sign for a decrease in revenues or decrease in expenses)

Date Revenues and Expenses for March Impact on Revenues $ Effect on Revenues or Expenses or Expenses Mar 1 Mar 3 Mar 6 Mar 8 Mar 12 Mar 18 Mar 23 Mar 26 Mar 30 Mar 31 Mar 31 Mar 1 Prepaid insurance for Mar through May, $600. 3 Performed service on account, $2,200. 6 Purchased office furniture on account, $1,000. 8 Paid property tax expense, $600. 12 Purchased office equipment for cash, $1,400. 18 Performed services and received cash, $800. 23 Collected $800 on account. 26 Paid the account payable from the March 6 transaction. 30 Paid salaries expense, $2,600. 31 Recorded an adjusting entry for March insurance expense related to the March 1 transaction. 31 Recorded an adjusting entry for unearned revenue now earned, $300. on the last day of the accounting period Requirement 2. Compute March net income or net loss under the accrual basis of accounting ( when cash is received March net income (loss) under the accrual basis of accounting is $ when earned, regardless of when the cash is received, Requirement 3. State why accrual accounting results in an accurate measurement of income. Accrual accounting results in an accurate measurement of income because it records revenues and matches the expenses incurred to produce that revenue by recording expenses Because of this, accrual basis accounting provides more complete reports of