Teal Mountain Inc. had the following transactions in May, its first month of business: 1. Collected $400 cash from customers for services provided in May 2. Billed customers $700 for services provided in May. 3. Received $200 from customers for services to be provided in June. 4. Purchased $300 of supplies on account. All of the supplies were used in May but were paid for in June. (a) (b) Calculate profit for May using cash basis accounting. Calculate profit for May using accrual basis accounting. Cash Accrual Profit 100 1000