need solution and explanation please, ill upvote

Cornerstone Exercise 3-15 (Algorithmic) Expense Recognition (or Matching) Principle The following information describes transactions for Morgenstern Advertising Company during July: a. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $19,500 cash to Drexel and used $18,650 of the supplies. b. Morgenstern paid $9,000 to salespeople for salaries earned during July. An additional $910 was owed to salespeople at July 31 for salaries earned during the month. c. Paid $2,950 to the local utility company for electric service. Electric service in July was $2,300 of the $2,950 total bill. Required: 1. Calculate the amount of expense recognized in July under cash-basis accounting. $ 31,450 2. Calculate the amount of expense recognized in July under accrual-basis accounting. $ 55,750 Feedback Check My Work 1. Under cash-basis accounting, expenses are recognized when cash is paid. 2. Under accrual-basis accounting, expenses are recognized when incurred, which is generally in the same period as the revenue they helped generatethe expense recognition (or matching) principle