Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $220 May 9: Received cash for meals served to customers, $3,450 May 14: Paid cash for kitchen equipment, $3,650 May 23: Served a banquet on account, $2,180 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $760 May 31: Recorded depreciation for May on kitchen equipment, $90 . 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. 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, Fill in the t-accounts for each situation and label each transaction as Deferrals/Prepaid or Accrual. Calculate the adjusted balance and use a Bal. post reference to show the ending balance of each account. Used office supplies of $1,700. The Office Supplies unadjusted balance on December 31 is $9,100 Adjustment Type: Supplies Expense Office Supplies The unadjusted balance of Office Supplies at Dec. 31 is $9,500 and at year end the office supplies on hand totaled $1,000 Adjustment Type: Supplies Expense Office Supplies A two year insurance policy for $10,560 was purchased on November 1 of the current year. Record the transaction for the year ended December 31, Adjustment Type Insurance Expense Prepaid Insurance Employees earned $3,500 in salaries that will be paid next month. Date Accounts and Explanation Debit Credit The unadjusted balance of Office Supplies at Dec. 31 is $4,400 and at year end the office supplies on hand totaled $1,200. Accounts and explanation Date Debit Credit A two year insurance policy for 55,280 was purchased on November of the current year. Record the transaction for the year ended December 31 Date Accounts and Explanation Debit Credit