Total Paint Services earned $120,000 of service revenue during 2018. Of the $120,000 earned, the business received $98,000 in cash. The remaining amount, $22,000, was still owed by customers as of December 31. In addition, Total Paint Services incurred $68,000 of expenses during the year. As of December 31, $13,000 of the expenses still needed to be paid. In addition, Total Paint Services prepaid $10,000 cash in December 2018 for expenses incurred during the next year. 1. Determine the amount of service revenue and expenses for 2018 using a cash basis accounting system. Cash basis Service revenue Expenses Total Paint Services earned $120,000 of service revenue during 2018. Of the $120,000 earned, the business received $98,000 in cash. The remaining amount, $22,000, was still owed by customers as of December 31. In addition, Total Paint Services incurred $68,000 of expenses during the year. As of December 31, $13,000 of the expenses still needed to be paid. In addition, Total Paint Services prepaid $10,000 cash in December 2018 for expenses incurred during the next year. R. 2. Determine the amount of service revenue and expenses for 2018 using an accrual basis accounting system. Accrual basis Service revenue Expenses