Having issues figuring out which is accrual and which is cash.. hpProprietorship - Google Chromecom/activity/5/1/2Sweet Catering completed the following selected transactionsduring May 2016:• May 1: Prepaid rent for three months, $1,500• May 5: Received and paid electricity bill, $160• May 9: Received cash for meals served to customers, $2,400• May 14: Paid cash for kitchen equipment, $2,000May 23: Served a banquet on account, $1,900• May 31: Made the adjusting entry for rent (from May 1).• May 31: Accrued salary expense, $1,000• May 31: Recorded depreciation for May on kitchenequipment, $540Amount of Revenue (Expense) for MayCash BasisAccrual Basis

Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400

Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...

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