Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,400 May 5: Received and paid electricity bill, $150 May 9: Received cash for meals served to customers, $3,790 May 14: Paid cash for kitchen equipment, $3,230 May 23: Served a banquet on account, $2,420 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,680 May 31: Recorded depreciation for May on kitchen equipment, $750

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. (2740) incorrect

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.