Sweet Catering completed the following selected transactions during May $2024$: $($Click the icon to view the transactions.$)$ Read the requirements. Requirement $2.$ After completing the table, calculate the amount of net income or net loss for Sweet Catering under the accrual basis and cash basis accounting systems for May. $($Use parentheses or a minus sign to indicate a loss.$)$More infoRequirements $1.$ Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. $($Expenses should be shown in parentheses.$)$ Also, indicate the dollar amount of the revenue or expense. The May $1$ transaction has been completed as an example. $2.$ After completing the table, calculate the amount of net income or net loss for Sweet Catering under the accrual basis and cash basis accounting systems for May. $3.$ Considering your results from Requirement $2,$ which method gives the best picture of the true earnings of Sweet Catering? Why?