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, $1,800 - May 5: Received and paid electricity bill, $100 - May 9: Received cash for meals served to customers, $2,700 - May 14: Paid cash for kitchen equipment, $3,600 - May 23: Served a banquet on account, $2,500 - May 31: Made the adjusting entry for rent (from May 1). - May 31: Accrued salary expense, $1,300 - May 31: Recorded depreciation for May on Kitchen equipment, $170