Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question.

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, $200 May 9: Received cash for meals served to customers, $260 May 14: Paid cash for kitchen equipment, $3,930 May 23: Served a banquet on account, $2,960 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,820 May 31: Recorded depreciation for May on kitchen equipment, $550 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