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Sharmala's Caf Ltd had the following selected transactions during October 2019: October 1 5 9 23 31 Received $900 in advance for a banquet to
Sharmala's Caf Ltd had the following selected transactions during October 2019: October 1 5 9 23 31 Received $900 in advance for a banquet to be served later. Paid electricity expenses, $350. Received cash for the day's sales, $3,500. Served a banquet, receiving a note receivable, $2,500. Accrued salary expense, $850. Prepaid $6,000 building rent for November and December 2019, and January 2020 31 Required: Determine the revenue and expense and compute income (loss) before tax for October 2019 for Sharmala's Caf Ltd under the cash and accrual basis of accounting methods by completing the table below. Cash Basis Accrual Basis Total Revenue Total Expenses Net Income
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