Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $220 May 9: Received cash for meals served to customers, $2,980 May 14: Paid cash for kitchen equipment, $2,500 May 23: Served a banquet on account, $1,610 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,610 May 31: Recorded depreciation for May on kitchen equipment, $790 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. Net income (loss) = 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. Net income (loss) =
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,700 May 5: Received and paid electricity bill, $220 May 9: Received cash for meals served to customers, $2,980 May 14: Paid cash for kitchen equipment, $2,500 May 23: Served a banquet on account, $1,610 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,610 May 31: Recorded depreciation for May on kitchen equipment, $790 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. Net income (loss) = 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. Net income (loss) =
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 4PA: On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are...
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Sweet Catering completed the following selected transactions during May 2016:
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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.
Net income (loss) =
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.
Net income (loss) =
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