Assume that at the end of each month, Leister Consulting Services bills its clients for jobs completed during the month. On October 31, 2004, Leister billed its clients $45,000 for fees earned on jobs completed during October. During November, Leister collected 80 percent of its fees billed on October 31 and collected the remaining 20 percent during December. What would be recorded by Leister as fees earned during October, November, and December under the cash basis and accrual basis of accounting?
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