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, $50 May 9: Received cash for meals served to customers, $3,260 May 14: Paid cash for kitchen equipment, $3,720 May 23: Served a banquet on account, $1,660 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,640 May 31: Recorded depreciation for May on kitchen equipment, $340 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.

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, 550 - May 9: Received cash for meals served to customers, \$3,260 - May 14: Paid cash for kitchen equipment, $3,720 - May 23: Served a banquet on account, $1,660 - May 31: Made the adjusting entry for rent (from May 1). - May 31: Accrued salary expense, \$3,640 - May 31: Recorded depreciation for May on kitchen equipment, $340 If Sweet Catering had recorded transactions using the Cash method, how much ner income (loss) would they have recorded for the month of May? If there is a loss, enter it whth 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