Question 4Academic Consultants Inc. had the following selected transactions in August 2016:Aug.1Prepaid insurance for August through December, $1,0004Purchased software for cash, $8005Performed service and received cash, $9008Paid advertising expense, $30011Performed service on account, $3,00019Purchased computer on account, $1,60024Collected for the August 11 service26Paid account payable from August 1929Paid salary expense, $90031Adjusted for August insurance expense (see Aug 1)31Earned revenue of $800 that was collected in advance in JulyShow how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue or expense for August. Journal entries are not required. Use the following format for your answer, and show your computations.Academic Consultants Inc.Amount of Revenue (Expense) for August 2016DateCash BasisAccrual BasisAug1Revenue/(Expense)AmountRevenue/(Expense)AmountCompute August income (loss) before tax under each accounting methodExplain which measure of net income or net loss is preferable.
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