Current Attempt in Progress Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $48,250. b. Cash sales totalled $151,850. c. Cash collections on account from customers totalled $48,250. d. Cost of goods sold during the period was $23,850. e. Payments made to suppliers of inventory totalled $51,900. f. Wages of $31,600 were paid during the year. In addition, wages of $1,860 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,230. h. At the end of the year the company paid $3,180 for the first 3 months' rent for the upcoming year. a. C. d. e. f. g. h. Revenues (a) on the cash basis (b) on the accrual basis Expenses Revenues Expenses