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  3. [1.5 marks) question 2: the following balances wer

[1.5 Marks) Question 2: The following balances were taken from Majan Company. Service revenues R.O...

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Accounting

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[1.5 Marks) Question 2: The following balances were taken from Majan Company. Service revenues R.O 10 000 Interest revenues R.O 30 000 Salaries RO 5 000 Interest expense R.O 2 000 Depreciation expenses R.O 1 600 Rent expenses R.O 2 400 Electricity Expenses R.O 4 000 Phone expenses R.O 4 000 At the end of accounting period appeared that: Interest revenues 2 600 /month Service revenues R.O 80/month Rent expenses R.O 400/month. Electricity expense R.O 1000 / month. Phone expense R.O 1 600 /month Interest expense RO 1 400 Salaries RO 400/month. Re d. Prepare income statement according to nd accrual basis Income statement Accrual basis Cash basis Revenues: Total Revenues Less expenses: Total expenses Net Income

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