Use the following to answer questions 5-6 Following is a February transaction for a company. Calculate the amount of expense to recognize in February. Paid $1,000 in February for supplies purchased on account last month. Used $450 worth in February, $300 was used last month and $250 of the supplies are still on hand. 5. Accrual basis expense: $ 6. Cash basis expense: $ Use the following to answer 7-8 Following is a February transaction for a company. Calculate the amount of revenue to recognize in February. In February the company received $30,000 cash from customers for services; $20,000 was provided this month and $10,000 is to be provided next month 7. Accrual basis revenue: $ 8. Cash basis revenue: $