ACC205: Accounting

Sweet Catering completed the following selected transactions during May 2016:

• May 1: Prepaid rent for three months, $1,200
• May 5: Received and paid electricity bill, $240
• May 9: Received cash for meals served to customers, $230
• May 14: Paid cash for kitchen equipment, $2,420
• May 23: Served a banquet on account, $2,170
• May 31: Made the adjusting entry for rent (from May 1).
• May 31: Accrued salary expense, $2,230
• May 31: Recorded depreciation for May on kitchen equipment, $330

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.

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.