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.

Fantastic Catering completed the following selected transactions during May 2016:

• May 1: Prepaid rent for three months, $1,500
• May 5: Received and paid electricity bill, $80
• May 9: Received cash for meals served to customers, $2,600
• May 14: Paid cash for kitchen equipment, $2,100
• 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, $1,700
• May 31: Recorded depreciation for May on kitchen equipment, $600

Amount of Revenue (Expense) for May
	Cash Basis	Accrual Basis
May 1May 5May 9May 14May 23May 31correct	correct	correct
May 1May 5May 9May 14May 23May 31correct	correct	correct
May 1May 5May 9May 14May 23May 31correct	correct	correct
May 1May 5May 9May 14May 23May 31correct	correct	correct
May 1May 5May 9May 14May 23May 31correct	correct	correct
May 1May 5May 9May 14May 23May 31correct	correct	correct
May 1May 5May 9May 14May 23May 31correct	correct	incorrect
May 1May 5May 9May 14May 23May 31correct	incorrect