Cash basis of accounting
Total revenues = 3510 (cash received on 9th May)
Total expense = Prepaid rent + Electricity bill expense + Cash paid for kitchen equipment
= 1800 + 110 + 3410 = 5320
Net income = Total revenues - total expense
= 3510 - 5320
= -1810
Accrual basis of accounting
Total revenues = 3510 + 2080 = 5590
Total expense = 1800 /3 + 110 + 3160 + 360 = 4230
Net income = 5590 - 4230 = 1360
i need help Sweet Catering completed the following selected transactions during May 2016: • May 1:...
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, 580 May 9: Received cash for meals served to customers, 5850 • May 14: Paid cash for kitchen equipment, 53,230 • May 23: Served a banquet on account, $2,080 • May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $2,590 • May 31: Recorded depreciation for May...
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, $110 . May 9: Received cash for meals served to customers, $1,550 May 14: Paid cash for kitchen equipment, $3,590 • May 23: Served a banquet on account, $2,910 • May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $790 • May 31: Recorded depreciation...
Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $2,700 • May 5: Received and paid electricity bill, $100 • May 9: Received cash for meals served to customers, $3,150 • May 14: Paid cash for kitchen equipment, $2,500 • May 23: Served a banquet on account, $2,190 May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, $1,280 • May 31: Recorded depreciation...
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 completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $220 May 9: Received cash for meals served to customers, $1,630 May 14: Paid cash for kitchen equipment, $2,040 May 23: Served a banquet on account, $1,610 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,080 May 31: Recorded depreciation for May on kitchen equipment, $510 If...
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, $250 May 9: Received cash for meals served to customers, $150 May 14: Paid cash for kitchen equipment, $3,610 May 23: Served a banquet on account, $2,070 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $3,170 May 31: Recorded depreciation for May on kitchen equipment, $240 If...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $3,000 May 5: Received and paid electricity bill, $110 May 9: Received cash for meals served to customers, $1,340 May 14: Paid cash for kitchen equipment, $3,090 May 23: Served a banquet on account, $2,050 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,070 May 31: Recorded depreciation for May on kitchen equipment, $290 If...
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, $2,690 May 14: Paid cash for kitchen equipment, $2,720 May 23: Served a banquet on account, $1,780 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,690 May 31: Recorded depreciation for May on kitchen equipment, $190 If...
Sweet Catering completed the following selected transactions during May 2016: • May 1: Prepaid rent for three months, $1.200 May 5: Received and paid electricity bill, 5130 • May 9: Received cash for meals served to customers, 52,590 • May 14: Paid cash for kitchen equipment, 53,000 • May 23: Served a banquet on account, 52,120 . May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, $1,350 • May 31: Recorded depreciation...
Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months. 3.000 May 5: Received and paid electricity bill, 550 May 9: Received cash for meals served to customers, 5160 May 14: Paid cash for kitchen equipment, 52.440 • May 23: Served a banquet on account, 52,150 • May 31: Made the adjusting entry for rent (from May 1). • May 31: Accrued salary expense, 5170 • May 31: Recorded depreciation for May on...