If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
Sweet Catering completed the following
selected transactions during May 2016:
- May 1: Prepaid rent for three months, $2,700
- May 5: Received and paid electricity bill, $150
- May 9: Received cash for meals served to customers, $3,120
- May 14: Paid cash for kitchen equipment, $3,990
- May 23: Served a banquet on account, $2,030
- May 31: Made the adjusting entry for rent (from May 1).
- May 31: Accrued salary expense, $60
- May 31: Recorded depreciation for May on kitchen equipment, $110
If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign.
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