Sweet Catering completed the following selected transactions during May 2016: . . May 5: Received and paid electricity bill, $170 May 9: Received cash for meals served to customers, $3,350 May 23: Served a banquet on account, $2,700 May 31: Accrued salary expense, $520 . May 31: Recorded prepaid insurance expired, $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. 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. 2 Identify whether each account would appear on the Balance Sheet or the income Statement. Furniture Merchandise Sales Revenue Prepaid Rent Office Supplies Franchise Insurance Expense Journalize the adjusting entry needed at December 31 for each situation. Record debits first, then credits. Check your spelling carefully and do not abbreviate. Use account names exactly as given in the Chart of Accounts. Depreciation for the current year includes Equipment, 54,300, Date Accounts and Explanation Debit Credit Rent for the year was prepaid on January 1 in the amount of $10,560. Record the transaction for December's rent that has expired. Date Accounts and Explanation Debit Credit Employees earned $1,400 in salaries that will be paid next month. Date Accounts and Explanation Debit Credit