Sweet Catering completed the following selected transactions during May 2016:
May 1: Prepaid rent for three months, [tex]$1,500 • May 5: Received and paid electricity bill, $[/tex]50
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May 9: Received cash for meals served to customers, [tex]$1,980 May 14: Paid cash for kitchen equipment, $[/tex]2,550
May 23: Served a banquet on account, [tex]$1,760 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $[/tex]850
May 31: Recorded depreciation for May on kitchen equipment, $460
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.
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