Chef's Catering completed the following selected transactions during May 2018: 1) (Click the icon to view the transactions.) Read the requirements revenue or expense. The May 1 tansaction has been comple handed as a revenue or an expense using both the cash basis and accrual basis accounting The gives the best picture of the true eamings of Chefs Catering because revenues are recorded whten May 1 Prepaid rent for three months, $2,100. May 5 Received and paid electricity bill, $300. May 9 Received cash for meals served to customers, $2,300. May 14 Paid cash for kitchen equipment, $2,400. May 23 Served a banquet on account, $3,200. May 31 Made the adjusting entry for rent (from May 1). May 31 Accrued salary expense, $1,300. May 31 Recorded depreciation for May on kitchen equipment, $40. Print Done