Question: Cornerstone Exercise 3-12 (Algorithmic) Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for $2.00 each. During the month of April, McDonald sold 8,350 CDs

Cornerstone Exercise 3-12 (Algorithmic) Accrual- and Cash-Basis Revenue McDonald Music sells

used CDs for $2.00 each. During the month of April, McDonald sold

Cornerstone Exercise 3-12 (Algorithmic) Accrual- and Cash-Basis Revenue McDonald Music sells used CDs for $2.00 each. During the month of April, McDonald sold 8,350 CDs for cash and 14,730 CDs on credit. McDonald's cash collections in April included $16,700 for the CDs sold for cash, $10,300 for CDs sold on credit during the previous month, and $9,850 for CDs sold on credit during April. Required: 1. Calculate the amount of revenue recognized in April under cash-basis accounting. $ 2. Calculate the amount of revenue recognized in April under accrual-basis accounting. $ N

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