Questions: 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?

Account

Debit

Credit

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

Account

Debit

Credit