On July 1^st, 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 1^st. An invoice was sent to the customer for the remaining balance and the customer has until November 30^th to submit payment. Compass receives the payment on November 25^th.

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

2. 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

3. 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