, 6th Ed) 0 Saved Daube Company\'s operations for the month of July are summariz

Question

, 6th Ed) 0 Saved Daube Company's operations for the month of July are summarized as follows: A Provided $10,000 of services on account. B Received $8,000 cash from customers for services provided in July. C. Received $2000 cash for services to be provided in August D. Received $6,000 cash from customers on account for services provided in June E. Paid June's warehouse rental bill on account in the amount of $2,000 F Received July's warehouse rental bill of $3,000 set it aside to be recorded at a later date Required: a. Determine the net income for July using the cash basis of accounting b. Determine the net income for July using the accrual basis of accounting Complete this question by entering your answers in the tabs below. Required ARequired B Determine the net income for July using the cash basis of accounting et Income Required B

Explanation / Answer

Answer 1. DAUBE COMPANY Income Statement (Cash Basis) For the Month Ended July 31 Revenue Service Revenue ($8,000 + $2,000 + $6,000 )    16,000.00 Expenses Rent Expenses - Warehouse      2,000.00 Net Income    14,000.00 Answer 2. DAUBE COMPANY Income Statement (Accrual Basis) For the Month Ended July 31 Revenue Service Revenue    10,000.00 Expenses Rent Expenses - Warehouse      3,000.00 Net Income      7,000.00

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