When does Carnival Cruise Lines recognize revenues and expenses for its cruises? Carnival Cruise Iines had a record-breaking month in January zo14 in terms of number of net bookings (new bookings less cancellations.) During January 2014, Carnival booked more than 565,000 (net) guests for cruises to be taken over the next two years. Part of the reason that Carmival may be seeing increased bookings is its new LVE concert series which features performances by many top artists, including Jeanifer Hudson. Gavin DeGraw, Lady Antebellum, Daughtry, Martina McBride, Jervel, and others. Questions 1. Assume that on January 10, 2014, Kerre Collins booked a four-day cruise for June 2015 to Western Caribbean for a total of $1,958 (not including taves fees, or port expenses.) The customer pays in full on the day she books. What jourmal entry will Camival make on January 10,2014 , for the Kerrie Collins booking and payment? 2. When (what month/year) does Carmival recognize the revenue from Kerrie Collins' cruise? What journal entry would Carnival make when it recognizes the revenue from Kerrie Collins cruise? 3. Now assume that Carmival booked Lady Antebellum in January 2014 to perform on the June 2015 Western Caribbean cuise. Further assume that Carnival pays Lady Antebellum its entire performance fee of $52,000 on Jamuary 15,2014 , for the June 2015 cruise. What joural entry will Carmival make on January 15, 2014, for its payment to Iady Antebellum? 4. When (what month/year) would Carnival expense the payment to Lady Antebellum? What jourmal entry would Carmival make when it recognizes the Lady Antebellum expense