Consider the following transactions.

Required:
For each transaction, determine the amount of revenue or expense, if any that is recorded under accrual-basis accounting and under cash-basis accounting.

Accrual-Basis Cash-Basis Transaction Revenue Expense Revenue Expense 1. Receive cash from customers at the time of service, $3,700. 2. Issue common stock for cash, $6,000 3. Receive cash from customers who were previously billed, $1,700. 4 Incur utilities cost in the current month but do not pay, $600 5. Pay workers' salaries for the current month, $700 6. Pay for rent one year in advance, $3,600 7. Repay a long- ._ term note to the bank, $3,000 8. Pay workers salaries for the previous month, $850 9. Pay dividends to stockholders, $500. 10. Purchase office supplies for cash, $540