Consider the financial statements of Carnival Corporation for fiscal year ended Nov 30, 2019. Answer the following questions.

1. On September 2019, Mr. and Mrs. Sealove paid $1,000, a 20% deposit to reserve a cabin on a cruise they are planning to take in June 2020. Provide the journal entry. [Wherever possible, you must use the same account titles as in Carnivals financial statements]

2. What effect, if any, will the above have on the net income of Carnival for the year ended Nov 30, 2019?

3. In June 2020, Mr. and Mrs. Sealove completed the cruise and paid the remaining amount at the completion of the cruise. Provide the journal entry. [Wherever possible, you must use the same account titles as in Carnivals financial statements]