Cash will be debit by $300; Accounts Receivable will be debit by $300; Catering Service Fees will be credited by $600
A journal entry is the act of maintaining or producing records of any economic or non-economic transaction. An accounting journal, that shows the company's debit and the credit balances, records transactions. The journal entry can be made up of many records, each of which is either a debit or a credit.
The journal entry would be:
Cash (dr.) $300
Accounts receivable (dr.) $300
To catering service fees ($600)
(Being catering service fees received)
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