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.
What date should Compass use to record sales? _________________
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
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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