To journalize the revenues earned during the month, you will need to record both the cash received and the amount earned on account (i.e., on credit).
Here's how you can journalize this transaction:
Journal Entry:
Date: [Insert Date]
| Account Title | Debit | Credit | |-----------------------|-----------|------------| | Cash | 21,300 | | | Accounts Receivable | 11,000 | | | Revenue | | 32,300 |
Explanation:
- Debit Cash for $21,300 to reflect cash revenues received.
- Debit Accounts Receivable for $11,000 to record revenues earned but not yet received in cash.
- Credit Revenue for a total of $32,300 to recognize the total revenue earned during the month.
Make sure to adjust the date to the specific date the revenue was recognized in your records.