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. In February the company paid their employees $20,000; $16,500 for work performed in February and $3,500 for work performed in January. 5. Accrual basis expense: 5 6. Cash basis expense: 5 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 $50,000 cash from customers for services; $28,000 was provided this month and $22,000 is to be provided next month 7. Accrual basis revenue: $_ B. Cash basis revenue: $