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

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Accounting

Sweet Catering completed the following selected transactions during May 2016:

May 1: Prepaid rent for three months, $2,400

May 5: Received and paid electricity bill, $100

May 9: Received cash for meals served to customers, $1,290

May 14: Paid cash for kitchen equipment, $3,250

May 23: Served a banquet on account, $1,710

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

May 31: Accrued salary expense, $2,100

May 31: Recorded depreciation for May on kitchen equipment, $530

1) 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.

2) 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.

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