The following information describes transactions for Morgenstern Advertising Company during July: On July 5, Morgenstern purchased and received $24, 300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20, 500 cash to Drexel and used $18, 450 of the supplies. Morgenstern paid $9, 600 to salespeople for salaries earned during July. An additional $1, 610 was owed to salespeople at July 31 for salaries earned during the month. Paid $2, 950 to the local utility company for electric service. Electric service in July was $2, 300 of the $2, 950 total bill. Calculate the amount of expense recognized in July under (1) cash-basis accounting and (2) accrual-basis accounting