Sweet Catering completed the following selected transactions during May :
May : Prepaid rent for three months, $
May : Received and paid electricity bill, $
May : Received cash for meals served to customers, $
May : Paid cash for kitchen equipment, $
May : Served a banquet on account, $
May : Made the adjusting entry for rent from May
May : Accrued salary expense, $
May : Recorded depreciation for May on kitchen equipment, $
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.
correct
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.
