Tableau DA 3-2: Exercise, Preparing adjusting entries LO P1, P2, P3, P4 Roland Company began operations on December 1 and needs assistance in preparing December 31 financial statements, including its year-end adjustments. The Tableau dashboard is provided to assist in the work. Selected December-January Transactions Purchased Insurance Started work for Telo Dec. 31 Year-End Finished Work for Telo Dec 1 Dec 7 Dec 13 Dec 24 Jan 5 Jan 12 Purchased Supplies Received Cash in Advance Wages Paid Additional Information as of December 31 Telo Job Completion at Year End ABX Job Completion at Year End Telo 60% Complete ABX 25% Complete Knowledge Check 01 The primary difference between the accrual basis and the cash basis of accounting is: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) The accrual basis records revenues when services or products are delivered and records expenses when cash is poid. 7 The accrual basis records revenues when services or products are delivered and records expenses when incurred. 7 The cash basis records revenues when services or products are delivered and records expenses when paid. The cash basis records revenues when cash is received and records expenses when cash is paid