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How much net income or loss would recorded

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Reference no: EM132467247

Sweet Catering completed the following selected transactions during May 2016:

Point 1: May 1: Prepaid rent for three months, $1,500

Point 2: May 5: Received and paid electricity bill, $100

Point 3: May 9: Received cash for meals served to customers, $160

Point 4: May 14: Paid cash for kitchen equipment, $2,050

Point 5: May 23: Served a banquet on account, $1,560

Point 6: May 31: Made the adjusting entry for rent (from May 1).

Point 7: May 31: Accrued salary expense, $3,620

Point 8: May 31: Recorded depreciation for May on kitchen equipment, $600

Question 1: 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.

Reference no: EM132467247

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