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, $80 May 9: Received cash for meals served to customers, $3,010 May 14: Paid cash for kitchen equipment, $3,920 May 23: Served a banquet on account, $2,320 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,790 May 31: Recorded depreciation for May on kitchen equipment, $540 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. I 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, $2,400 - May 5: Received and paid electricity bili, $80 - May 9: Received cash for meals served to customers, \$3,010 - May 14: Paid cash for kitchen equipment, $3,920 - May 23: Served a banquet on account, 52,320 - May 31: Made the adjusting entry for rent (from May 1). - May 31; Accrued salary expense, $3,790 - May 31: Recorded depreciation for May on kitchen equipment, $540 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 Swect Carering had recorded transactions using the Acerual 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