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Question(s) / Instruction(s):

A company provided $1,500 of services to customers during the month of May. The customers paid in June. What would the impact of these transactions be during May on each of the following three items?

A)           Cash balance-no effect, cash-basis net income- no effect, accrual-basis net income- increase

B)            Cash balance-no effect, cash-basis net income-no effect, accrual- basis net income- no effect

C)            Cash balance-increase, cash-basis net income- increase, and accrual-basis net income- increase

D)           Cash balance-increase, cash-basis net income-increase, accrual-basis net income- no effect

A.            Option a                                   

B.            Option b

C.            Option c

D.            Option d

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