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Total Tree Services earned S150,000 of service revenue during 2018. Of the $150,000 earned, the business received S128,000 in cash. The remaining amount, $22,000, was
Total Tree Services earned S150,000 of service revenue during 2018. Of the $150,000 earned, the business received S128,000 in cash. The remaining amount, $22,000, was still owed by customers as of December 31. In addition Total Tree Services incurred $68,000 of expenses during the year. As of December 31, $16,000 of the expenses still needed to be paid. In addition, Total Tree Services prepaid $3,000 cash in December 2018 for expenses incurred during the next vear. 1. Determine the amount 2018 using a cash basis accounting system. service revenue and expenses Determine the amount 2018 using an accrual basis accounting system service revenu and expenses 1. Detemine the amount of service revenue and expenses for 2018 using a cash basis accounting system. Cash basis Service revenue Expenses 2. Determine the amount of service revenue and expenses for 2018 using an accrual basis accounting system. Accrual basis Service revenue Expenses
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