arson ACT-Corporations Google Chrome cure https//act.pearsoncmg.com/activity/5/1/3 May 1:Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $130 May 9: Received cash for meals served to customers, $3,220 May 14: Paid cash for kitchen equipment, $2,190 May 23: Served a banquet on account, $2,690 May 31: Made the adjusting entry for rent (from May 1 May 31: Accrued salary expense, $260 May 31: Recorded depreciation for May on kitchen equipment, $550 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. 1800 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. 3,680 CHECK ANSWER Something still needs to be fixed. Check your work and i ere toAnswered Essay: arson ACT-Corporations Google Chrome cure https//act.pearsoncmg.com/activity/5/1/3 May 1:Prepaid rent for thr
arson ACT-Corporations Google Chrome cure https//act.pearsoncmg.com/activity/5/1/3 May 1:Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $130 May 9: Received cash for meals served to customers, $3,220 May 14: Paid cash for kitchen equipment, $2,190 May 23: Served a banquet on account, $2,690 May 31: Made the adjusting entry for rent (from May 1 May 31: Accrued salary expense, $260 May 31: Recorded depreciation for May on kitchen equipment, $550 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. 1800 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. 3,680 CHECK ANSWER Something still needs to be fixed. Check your work and i ere toExpert Answer
Compute the net income (loss) to be recorded for May using Cash Method as follows:
| Received cash for meals served to customers | 3220 |
| Less: Prepaid rent for three months | -2700 |
| Less: Received and paid electricity bill | -130 |
| Less: Paid cash for kitchen equipment | -2190 |
| Net loss | -1800 |
Compute the net income (loss) to be recorded for May using Accrual Method as follows:
| Received cash for meals served to customers | 3220 |
| Add: Served a banquet on account | 2690 |
| Total revenue | 5910 |
| Less expenses: | |
| Rent expense for May ($2,700/3) | -900 |
| Received and paid electricity bill | -130 |
| Accrued salary expense | -260 |
| Depreciation expense for May on kitchen equipment | -550 |
| Total expenses | -1840 |
| Net income | 4070 |
