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How much net income would recorded

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Reference no: EM132459355

Sweet Catering completed the following selected transactions during May 2016:

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

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

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

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

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

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

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

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

Problem : 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: EM132459355

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