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Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400

Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Having issues figuring out which is accrual and which is cash..
hp Proprietorship - Google Chrome com/activity/5/1/2 Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 • May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400 • May 14: Paid cash for kitchen equipment, $2,000 May 23: Served a banquet on account, $1,900 • May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, $1,000 • May 31: Recorded depreciation for May on kitchen equipment, $540 Amount of Revenue (Expense) for May Cash Basis Accrual Basis
Transcribed Image Text:hp Proprietorship - Google Chrome com/activity/5/1/2 Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1,500 • May 5: Received and paid electricity bill, $160 • May 9: Received cash for meals served to customers, $2,400 • May 14: Paid cash for kitchen equipment, $2,000 May 23: Served a banquet on account, $1,900 • May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, $1,000 • May 31: Recorded depreciation for May on kitchen equipment, $540 Amount of Revenue (Expense) for May Cash Basis Accrual Basis
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