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I need the answer to that one box please. Activity 1.b - More Practice Identifying Differences between Cash and Accrual Basis Read the transactions and
I need the answer to that one box please.
Activity 1.b - More Practice Identifying Differences between Cash and Accrual Basis Read the transactions and fill in the Cash basis/Accrual basis table. Enter expenses in parentheses or with a negative sign. Enter a 0 if there is nothing to record on a specific date 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, $50 May 9: Received cash for meals served to customers, $2,000 May 14: Paid cash for kitchen equipment, $3,400 May 23: Served a banquet on account, $1,500 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,100 May 31: Recorded depreciation for May on kitchen equipment, $330 Amount of Revenue (Expense) for May Cash Basis Accrual Basis (2700) (50) (50) 2000 2000 (3400) 1500 (1100) May 31 (330)Step by Step Solution
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