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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:

  1. May 1: Prepaid rent for three months, $2,700
  2. May 5: Received and paid electricity bill, $150
  3. May 9: Received cash for meals served to customers, $1,140
  4. May 14: Paid cash for kitchen equipment, $2,440
  5. May 23: Served a banquet on account, $1,620
  6. May 31: Made the adjusting entry for rent (from May 1).
  7. May 31: Accrued salary expense, $3,780
  8. 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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