Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for...
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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, $200 May 9: Received cash for meals served to customers, $2,100 May 14: Paid cash for kitchen equipment, $3,200 May 23: Served a banquet on account, $2,400 . May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,500 May 31: Recorded depreciation for May on kitchen equipment, $130 Amount of Revenue (Expense) for May Cash Basis Accrual Basis 6.300 6,300 8 9 8
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