Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $150 May 9: Received cash for meals served to customers, $740 May 14: Paid cash for kitchen equipment, $3,910 May 23: Served a banquet on account, $2,750 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,630 May 31: Recorded depreciation for May on kitchen equipment, $740 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. Please dont provide solution in image based answers thank you
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Sweet Catering completed the following selected transactions during May 2016: |
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May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $150 May 9: Received cash for meals served to customers, $740 May 14: Paid cash for kitchen equipment, $3,910 May 23: Served a banquet on account, $2,750 May 31: Made the May 31: Accrued salary expense, $3,630 May 31: Recorded
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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.
Please dont provide solution in image based answers thank you
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