Solution-How much net income or loss would have recorded

How much net income or loss would have recorded on may

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Reference no: EM132840812

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, $1,140
May 14: Paid cash for kitchen equipment, $2,440
May 23: Served a banquet on account, $1,620
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $3,780
May 31: Recorded depreciation for May on kitchen equipment, $500

Problem 1: 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.

Reference no: EM132840812

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How much net income or loss would have recorded on may

Reference no: EM132840812

Reference no: EM132840812

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