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Part Three - Problems. Answer All Four Questions: 1. RNK Inc. charges $135 per month...

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Accounting

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Part Three - Problems. Answer All Four Questions: 1. RNK Inc. charges $135 per month for a storage unit. In the first quarter of the year, they collected $$6,615. Ten customers pre-paid for three months rental in January, seven customers pre-paid for two months rental in February, and five customers paid for one month in March. Required: a. Using the cash basis of accounting, calculate RNK's revenue in January: b. Using the accrual basis of accounting, what's RNK's revenue in January C. Explain the difference in the revenue numbers: Demonstrate your work

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