# Answered 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 to

## Expert 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
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