When there's a service rendered, the Company will not debit its service revenue, instead Account Receivable if on account or Cash if paid in cash is debited. Journal entry to record the transaction is as follows:
If on Account:
Debit: Account Receivable $700.00
Credit: Sales Revenue $700.00
To record revenue for the service rendered
If Paid in Cash:
Debit: Cash $700.00
Credit: Sales Revenue $700.00
To record revenue for the service rendered
