May 1: prepaid rent for three months, $1,800 may 5: received and paid electricity bill, $120 may 9: received cash for meals served to customers, $2,890 may 14: paid cash for kitchen equipment, $3,470 may 23: served a banquet on account, $1,560 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, $330 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.

$1,200

Explanation:

Prepaid rent for three months = $1,800

Received and paid electricity bill = $120

Received cash for meals served to customers = $2,890

Paid cash for kitchen equipment = $3,470

Served a banquet on account = $1,560

Accrued salary expense = $1,000

Recorded depreciation for May on kitchen equipment = $330

Net income:

= Service revenue from meals + Service revenue from banquet - Electricity expenses - Depreciation on equipment - rent paid - salary expenses

= $2,890 + $1,560 - $120 -  $330 - $1,800 - $1,000

= $1,200

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