Answer:
The $30,000 in revenue should be entered as a credit in the journal entry.
Explanation:
In accounting, revenues are recorded as credits, which means that they increase the credit side of the accounting equation (revenues increase equity, which is a credit account). Debits, on the other hand, are used to record expenses and decreases in assets.Therefore, the journal entry to record $30,000 in revenue for the business on October 1 would be:Date
Account Account Number Debit Credit
1 - Oct Revenue 4050 30,000Since revenue is being credited, there is no debit amount entered in this entry. The credit amount of $30,000 is entered in the credit column, as shown above.