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On July 1st, Compass agreed to provide catering for a wedding totaling $5,000 in sales...

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Accounting

On July 1st, Compass agreed to provide catering for a wedding totaling $5,000 in sales and collected a deposit of $2,000. The wedding was held on November 1st. An invoice was sent to the customer for the remaining balance and the customer has until November 30th to submit payment. Compass receives the payment on November 25th.

  1. What date should Compass use to record sales? _________________

  1. What is the journal entry to record sales? (Select all that apply)

  • Debit: Catering Sales $5,000
  • Credit: Catering Sales $5,000
  • Debit: Cash $2,000
  • Credit: Cash $2,000
  • Debit: Accounts Receivable $3,000
  • Credit: Accounts Receivable $3,000
  • Debit: Unearned Revenue/Advance Deposit $2,000
  • Credit: Unearned Revenue/Advance Deposit $2,000

  1. What is the journal entry to record the November 25th payment?

Match the terms in column A with the appropriate items in column B to complete the journal entry

Column B

Debit: $2,000

Credit: $2,000

Debit: $3,000

Credit: $3,000

Debit: $5,000

Credit: $5,000

Column A

Cash

Accounts Receivable

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