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Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for...

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Accounting

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Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,100 May 5: Received and paid electricity bill, $100 May 9: Received cash for meals served to customers, $2,590 May 14: Paid cash for kitchen equipment, $3,530 May 23: Served a banquet on account, $2,760 May 31: Made the adjusting entry for rent (from May 1) May 31: Accrued salary expense, $840 May 31: Recorded depreciation for May on kitchen equipment, $460 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. (4530) 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. 1580

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