Fantastic Catering completed the following selected transactions during May, 2016: Requirement 1. Show whether each transaction would be handled as a revenue dollar amount of the revenue or expense. The May 1 transaction has been Requirement 2. After completing the table, calculate the amount of net income or net loss for Fantastic Catering under the actual basis and cash basis accounting systems for may May 1 Prepaid rent for three months, $1, 800. 5 Received and paid electricity bill, $200. 9 Received cash for meals served to customers, $1, 900. 14 Paid cash for kitchen equipment, $3, 300. 23 Served a banquet on account, $3, 600. 31 Made the adjusting entry for rent (from May 1). 31 Accrued salary expense, $1, 300. 31 Recorded depreciation for May on kitchen equipment, $55