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How much service revenue would they have recorded

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Question

Splendid Occasions received $2,970 for services to be performed for the next 8 months on March 31 and recorded this transaction using the Unearned Revenue account.

If Splendid Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?

Sweet Catering completed the following selected transactions during May 2016:

May 1: Prepaid rent for three months, $2,400

May 5: Received and paid electricity bill, $60

May 9: Received cash for meals served to customers, $2,530

May 14: Paid cash for kitchen equipment, $2,920

May 23: Served a banquet on account, $2,810

May 31: Made the adjusting entry for rent (from May 1).

May 31: Accrued salary expense, $2,670

May 31: Recorded depreciation for May on kitchen equipment, $380

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.

Reference no: EM132316614

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