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Sweet Catering completed the following selected transactions during May 2016: May 5: Received and...

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Accounting

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Sweet Catering completed the following selected transactions during May 2016: May 5: Received and paid electricity bill, $210 May 9: Received cash for meals served to customers, $3,750 May 23: Served a banquet on account, $2,720 May 31: Accrued salary expense, $3,610 May 31: Recorded prepaid insurance expired, $400 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. 3540 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. 3170

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