value: 10.00 points Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,950; received $7,650 in cash and the rest on account. b. Paid $1,000 in wages for the month. c. Received a $480 bill for utilities that will be paid in April. d. Received $4,650 from customers as deposits on music lessons to be given in April. 1. Based on the information above, prepare a cash basis and an accrual basis income statement. MOSTERT MUSIC COMPANY Cash Basis Income Statement For the Month Ended March 31 MOSTERT MUSIC COMPANY Accrual Basis Income Statement For the Month Ended March 31 Revenues Sales Expenses Revenues 12,950 Sales Customer Deposits 12,950 4,650 17,600 Salaries and Wages Expense Utilities Expense 1,000 480 1,480 Total Revenues Expenses Salaries and Wages Paid Cash Income 1,000 16,600 Total Expenses Net Income w 11,470