i actipearsoncmg.com/Activity/5/'l/2 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. Fantastic 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, $170 May 9: Received cash for meals served to customers, $2,500 May 14: Paid cash for kitchen equipment, $2,100 May 23: Served a banquet on account, $2,800 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, $610 Amount of Revenue (Expense) for May Cash Basis Accrual Basis ; OHINT