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Cash basis / Accrual basis table Sweet Catering completed the following selected transactions during May 2016 May 1: Prepaid rent for three months, $2,700 May

Cash basis / Accrual basis table
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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, $110 May 9:Received cash for meals served to customers, $1,080 May 14: Paid cash for kitchen equipment, $3,160 May 23: Served a banquet on account, $2,600 May 31: Made the adjusting entry for rent (from May 1) May 31: Accrued salary expense, $690 May 31: Recorded depreciation for May on kitchen equipment, 5480 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 howuch net income ass) 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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