Reference no: EM132505003
Question - Sweet Catering completed the following selected transactions during May 2016:
May 1: Prepaid rent for three months, $2,100.
May 5: Received and paid electricity bill, $110.
May 9: Received cash for meals served to customers, $1,610.
May 14: Paid cash for kitchen equipment, $3,610.
May 23: Served a banquet on account, $2,140.
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,870.
May 31: Recorded depreciation for May on kitchen equipment, $630.
Required -
1. 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.
2. 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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