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M3-2 (Static) Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $10,000; received $6,000 in cash and the rest on account. b. Paid $600 in wages for the month. c. Received a $200 bill for utilities that will be paid in April. d. Received $1,000 from customers as deposits on music lessons to be given in April. Required: Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Based on the information above, prepare a cash basis income statement. Required: Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Based on the information above, prepare an accrual basis income statement