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Sweet catering completed the following selected transactions during May 2016:

if Seet 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.

Sweet Catering completed the following selected transactions during May 2016: . May 1: Prepaid rent for three months, $1,800 May 5: Received and paid electricity bill, $110 May 9: Received cash for meals served to customers, $2,290 May 14: Paid cash for kitchen equipment, $2,770 May 23: Served a banquet on account, $2,600 . May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,300 May 31: Recorded depreciation for May on kitchen equipment, $650 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 under cash-basis accounting revenues are recognized when how much net income (loss) would they have recorded for the month of Me cash is collected and expenses are recorded when cash is ative sign. paid. Examine each transaction and determine the amount of 230 net income (loss) for the month. CHECK ANSWER RESET O Incorrect: Try reviewing the Hint to better understand the goal of this activity

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