Question
May 1: Prepaid rent for three months, $2,100 May 5: Received and paid electricity bill, $80 May 9: Received cash for meals served to customers,
May 1: Prepaid rent for three months, $2,100
May 5: Received and paid electricity bill, $80
May 9: Received cash for meals served to customers, $2,760
May 14: Paid cash for kitchen equipment, $3,550
May 23: Served a banquet on account, $2,120
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,990
May 31: Recorded depreciation for May on kitchen equipment, $590
If 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.
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Horngrens Accounting Volume 1
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood
11th Canadian Edition
0135359708, 9780135359709
