Question
May 1: Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $110 May 9: Received cash for meals served to customers,
May 1: Prepaid rent for three months, $2,700
May 5: Received and paid electricity bill, $110
May 9: Received cash for meals served to customers, $2,490
May 14: Paid cash for kitchen equipment, 3680
May 23: Served a banquet on account, $1,970
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,390
May 31: Recorded depreciation for May on kitchen equipment, $50
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?
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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Introduction To Industrial Energy Efficiency Energy Auditing Energy Management And Policy Issues
Authors: Patrik Thollander, Magnus Karlsson, Patrik Rohdin, Johan Wollin, Jakob Rosenqvist
1st Edition
0128172479, 978-0128172476
