1. What is the relationship between the accounting cycle and the worksheet?
2. Describe the structure of the worksheet and the accounting information it contains.
3. ACCRUAL- AND CASH-BASIS REVENUE McDonald Music sells used CDs for $2.00 each. During the month of April, McDonald Music sold 21,200 CDs for cash and 7,300 CDs on credit. McDonald's cash collections in April included the $42,400 for the 21,200 CDs sold for cash, $11,800 for CDs sold on credit during the previous month, and $8,100 for CDs sold on credit during April.