Morrison Music Company had the following transactions in March:
a. Sold instruments to customers for $12,000; received $7,000 in cash and the rest on account. The cost of the instruments was $8,000.
b. Purchased $3,000 of new instruments inventory; paid $1,000 in cash and owed the rest on account.
c. Paid $500 in wages for the month.
d. Received a $200 bill for March utilities that will be paid in April.
e. Received $3,000 from customers as deposits on orders of new instruments to be sold to the customers in April.
Complete the followingstatements:

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Cash Basis Income Statement Accrual Basis Income Statement Revenues Revenues Cash sales Customer deposits Inventory purchases Wages paid Sales to customers Expenses Expenses Cost of sales Wages expense Utilities expense Net income Net income