hrome File Edit View History Bookmarks People Window Help Pearson ACT- Corporati

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hrome File Edit View History Bookmarks People Window Help Pearson ACT- Corporations Secure https:/fact /2 Accounting Cycle Tutorial !Step 5: Adjusting Entries 0000 Understanding the Cash versus Accrual basis Activity 1.b- More Practice Identifying Differences between Cash and Accrual Basis Read the transactions and fill in the Cash basis/Accrual basis table. Enter expenses in parentheses or with a negative sign. Enter a 0 if there is nothing to record on a specific date. Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent for three months, $2.700 May S: Received and paid electricity bill, $150 May 9: Received cash for meals served to customers, $2,000 May 14: Paid cash for kitchen equipment, $3,700 May 23: Served a banquet on account, $1,700 May 31: Made the adjusting entry for rent (from May 1). May 31: Accrued salary expense, $1,700 May 31: Recorded depreciation for May on kitchen equipment, $420 of Revenue iExpense) for May 4

Explanation / Answer

Cash basis Accrual basis May-01 -2700 0 May-05 -150 -150 May-09 2000 2000 May-14 -3700 0 May-23 0 1700 May-31 0 -900 May-31 0 -1700 May-31 0 -420

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