Problemmostert music company had the following transactions, Ask an Expert

Accounting

Problem

Mostert Music Company had the following transactions in March:

a. Sold music lessons to customers for $10,600; received $6,200 in cash and the rest on account.
b. Paid $640 in wages for the month.
c. Received a $320 bill for utilities that will be paid in April.
d. Received $2,150 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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92759165

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