Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2,400 May 5: Received and paid…

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, $90
  • May 9: Received cash for meals served to customers, $2,990
  • May 14: Paid cash for kitchen equipment, $3,200
  • May 23: Served a banquet on account, $1,860
  • May 31: Made the adjusting entry for rent (from May 1).
  • May 31: Accrued salary expense, $2,840
  • May 31: Recorded depreciation for May on kitchen equipment, $60

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.

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.

Help me understand how to solve these two questions

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