Sweet catering completed the following selected, Ask an Expert

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Sweet Catering completed the following selected transactions during May 2016:

May 1: Prepaid rent for three months, $2,700
May 5: Received and paid electricity bill, $220
May 9: Received cash for meals served to customers, $3,230
May 14: Paid cash for kitchen equipment, $2,160
May 23: Served a banquet on account, $1,800
May 31: Made the adjusting entry for rent (from May 1).
May 31: Accrued salary expense, $2,910
May 31: Recorded depreciation for May on kitchen equipment, $50

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.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91720661

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