Tabular Accounting Services begin operations on July $1.$ It allows its clients $90$ days to pay for services received. On the other hand, th company's suppliers require payment for their goods and services within $30$ days. Tabular prepaid its office rent for $12$ months on July $1.$ At the end of the year, December $31,$ the company had yet to pay its last month's utility bill.

Explain how cash and accrual basis accounting would handle each of the events described above.

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