1. 2pts total: King Toot's, Ltd. provides music lessons to customers. The firm has a monthly...

Transcribed Image Text:

1. 2pts total: King Toot's, Ltd. provides music lessons to customers. The firm has a monthly accounting period and records necessary adjusting entries at the end of each month. The accountant for King Toot's noted the following events which took place during November 2022: i. ii. iii. On November 2nd, provided $750 worth of lessons to customers, with all customers paying cash. On November 9th, provided $3,970 worth of lessons on account to customers. Cash was later collected from customers related to these lessons on December 11th, 2022. On November 16th, received $1,150 cash in advance from customers for lessons which will be provided on December 4th, 2022. iv. On November 19th, received $4,810 in cash from customers for lessons that had already been provided on account on October 17th, 2022. a. Using cash-basis accounting, how much revenue would King Toot's record for November 2022? Briefly explain or show how you got your answer. b. Using accrual-basis accounting, how much revenue would King Toot's record for November 2022? Briefly explain or show how you got your answer. 1. 2pts total: King Toot's, Ltd. provides music lessons to customers. The firm has a monthly accounting period and records necessary adjusting entries at the end of each month. The accountant for King Toot's noted the following events which took place during November 2022: i. ii. iii. On November 2nd, provided $750 worth of lessons to customers, with all customers paying cash. On November 9th, provided $3,970 worth of lessons on account to customers. Cash was later collected from customers related to these lessons on December 11th, 2022. On November 16th, received $1,150 cash in advance from customers for lessons which will be provided on December 4th, 2022. iv. On November 19th, received $4,810 in cash from customers for lessons that had already been provided on account on October 17th, 2022. a. Using cash-basis accounting, how much revenue would King Toot's record for November 2022? Briefly explain or show how you got your answer. b. Using accrual-basis accounting, how much revenue would King Toot's record for November 2022? Briefly explain or show how you got your answer.