Sweet 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, $150 May 9: Received cash for meals served to customers, $3,160 May 14: Paid cash for kitchen equipment, $2,280 May 23: Served a banquet on account, $2,300 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,100 May 31: Recorded depreciation for May on kitchen equipment, $420 If Sweet Catering had recorded transactions using the Cash method, how much net incom (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. -770 If Sweet Catering had recorded transactions using the Accrual method, how much net ind (loss) would they have recorded for the month of May? If there is a loss, enter it with parentheses or a negative sign. 510 Under accrual-basis accounting, revenues are recognized when a product or service has been provided to a customer