For May, what is net income or net loss using cash basis accounting and what is net income or loss using accrual basis accounting? (Use parentheses or a minus sign to indicate a loss. Round amounts to the nearest whole dollar during calculations & for final answers, as applicable.) Cash Basis Amount Accrual Basis Amount Net income (loss) 1 More Info May 1 Prepaid rent for three months, $1,500. 5 Received and paid electricity bill, $250. 9 Received cash for meals served to customers, $2,000. 14 Paid cash for kitchen equipment, $4,200. 23 Served a banquet on account, $3,000. 31 Made the adjusting entry for rent (from May 1). 31 Accrued salary expense, $1,700. 31 Recorded depreciation for May on kitchen equipment, $70. Print Done