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BRIEF EXERCISES 1. Cash and Accrual Basis LO During the year, Black Diamond Company ear $86,500 in revenue. At year-end, only $65,000 of that revenue had been collected. Also, Black Diamond incurred $44,000 of expenses of which only $35,000 had been paid. Required Determine net income for the year under (a) the cash basis of accounting and (b) the accrual basis of accounting 2. Adjusting Journal Entries LO2,3 Consider the following incomplete adjusting journal entries: 1. Utilities Expense 2. (b) 2,900 19,500 7,000 4,650 2,900 19,500 7,000 4,650 Service Revenue Prepaid Insurance 4. Unearned Revenue