Exercise $2-18($Algo$)$ Cash versus accrual accounting $[$LO$2-9]$

S&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $$280,000$ from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During $2024,$ the following cash flows were recorded:

$\backslash$table$[[$Cash collected for: Services to customers,,$$500,000$