FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sweet Catering completed the following selected transactions during May 2016:
  • May 1: Prepaid rent for three months, $1,800
  • May 5: Received and paid electricity bill, $200
  • May 9: Received cash for meals served to customers, $3,400
  • May 14: Paid cash for kitchen equipment, $3,320
  • May 23: Served a banquet on account, $2,770
  • May 31: Made the adjusting entry for rent (from May 1).
  • May 31: Accrued salary expense, $1,370
  • May 31: Recorded depreciation for May on kitchen equipment, $500

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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