• May 1: Prepaid rent for three months, $2,100
• May 5: Received and paid electricity bill, $150
• May 9: Received cash for meals served to customers, $1,940
• May 14: Paid cash for kitchen equipment, $3,180
• May 23: Served a banquet on account, $2,330
• May 31: Made the adjusting entry for rent (from May 1).
• May 31: Accrued salary expense, $400
• May 31: Recorded depreciation for May on kitchen equipment, $390

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.

correctIf 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.