Daube Industries' operations for the month of July are summarized as follows: A. Provided $7,200 of...

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Daube Industries' operations for the month of July are summarized as follows: A. Provided $7,200 of services in July on account. B. Received $3,500 cash from customers for services provided in July. C. Received $1,900 cash for services to be provided in August. D. Received $3,800 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,300. F. Received July's warehouse rental bill of $1,300; set it aside to be paid at a later date. Required: a. Determine the net income for July using the cash basis of accounting. b. Determine the net income for July using the accrual basis of accounting. Daube Industries' operations for the month of July are summarized as follows: A. Provided $7,200 of services in July on account. B. Received $3,500 cash from customers for services provided in July. C. Received $1,900 cash for services to be provided in August. D. Received $3,800 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,300. F. Received July's warehouse rental bill of $1,300; set it aside to be paid at a later date. Required: a. Determine the net income for July using the cash basis of accounting. b. Determine the net income for July using the accrual basis of accounting.

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a To determine the net income for July using the cash basis of accounting we only consider ... View the full answer