Record each of the following transactions on 1. the Cash Basis 2. The Modified

Record each of the following transactions on 1. the Cash Basis 2. The Modified Accrual Basis and 3. the Accrual Basis.

January 1 Billed customers $4000 for services rendered

3 Purchased $500 of supplies on account

5 Purchased a truck costing $30000 (to be paid on Feb 3)

11 Collected $2000 from customers on account

15 Recorded accrued wages to date $3000

17 Paid for supplies

21 Paid wages

February 3 Paid for the truck

5 $200 of supplies have been used

6 Depreciation on the truck for the month was $500.

Set it up like this:

Date Accounts Cash Basis (DrCr) Modified Accrual Basis (Dr Cr) Accrual Basis (DrCr)