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Sweet Catering completed the following selected transactions during May 2016: May 1:...

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Accounting

Sweet Catering completed the following selected transactions
during May 2016:
May 1: Prepaid rent for three months, $2,100
May 5: Received and paid electricity bill, $60
May 9: Received cash for meals served to customers, $2,100
May 14: Paid cash for kitchen equipment, $3,200
May 23: Served a banquet on account, $2,800
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $1,700
May 31: Recorded depreciation for May on kitchen
equipment, $160
Amount of Revenue (Expense) for May
Cash Basis
Accrual Basis
image

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