M3-2 Reporting Cash Basis Verus Accural Basis Income Mostert Music Company had

M3-2 Reporting Cash Basis Verus Accural Basis Income Mostert Music Company had the following transactions in March: a. Sold instruments to customers for $10000; received $6000 in cash and the rest on account. The cost of the instruments was $7000. b. Purchased $4000 of new instruments inventory; paid $1000 in cash and owed the rest on account. c. Paid $600 in wages for the month. d. Received a $200 bill for utilities that will be paid in April. e. Received $1000 from customers as deposits on orders of new instruments to be sold to the customers in April.