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, $210 May 9: Received cash for meals served to customers, $1,050 May 14: Paid cash for kitchen equipment, $3,380 May 23: Served a banquet on account, $2,380 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,480 May 31: Recorded depreciation for May on kitchen equipment, $200

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. 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.