Cash versus Accrual Bases of Accounting. The following events occurred at VG Consulting during the most recent month.
a. VG provided consulting services and billed clients $2000.
b. VG collected $1,500 for consulting services performed in the prior month.
c. VG paid its monthly electric bill of $300.
d. Employees who worked for VG were not paid for the services performed. Next month they will be paid $850.
e. VG collected fees of $700 for services to be performed in the following month.
For each event, determine the revenue or expense under the cash and accruall basis of accounting.