(Solved): Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both ...

Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter " $$0^{?}$$ for any transactions that do not affect revenues or expenses.) More info Requirements 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also, indicate the dollar amount of the revenue or expense. The May 1 transaction has been comnlatar se an aunmain 2. After completing the table, calculate the amount of net income or net loss for Sweet Catering under the accrual basis and cash basis accounting systems for May. 3. Considering your results from Requirement 2, which method gives the best picture of the true earnings of Sweet Catering? Why?