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

Answered: Sweet Catering completed the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Having issues figuring out which is accrual and which is cash..

hp
Proprietorship - Google Chrome
com/activity/5/1/2
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
• May 14: Paid cash for kitchen equipment, $2,000
May 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 kitchen
equipment, $540
Amount of Revenue (Expense) for May
Cash Basis
Accrual Basis

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