Question 12 (4 points) On October 2nd, Pashmine Wedding and Events Venue negotiated hosting a major event with a fee of $20,000. The event would be held on October 20th. The owner negotiated that payment would be received by the end of the month (October 31st), when the event organizer has had time to deal with the proceeds of the event, and can write a cheque When should she recognize the income (record the transaction)? Justify your answer by including two relevant accounting principles. Describe how they relate to the situation. (4 marks)