Question

On May 1 of the current year Yam jam sold produce to a customer for 3000

Answer 1

Answer and Explanation:

The Journal entry with their narrations is shown below:-

Accounts receivable Dr, $3,000

To Sales revenue $3,000

(Being sales revenue is recorded)

For recording the sales revenue we debited the accounts receivable as it increase the assets whereas on the other side we credited the sales revenue because it increases the revenue.