Journal entries are divided into debits and credits. Sales revenue is earned when your customer takes possession of the goods. The sale is realized when you receive payment.

In the journal, the revenue account shows a credit balance of $2,000. Enter a debit entry for $2,000 to close the account. Credit the income summary account for the same amount you debited the ...

Revenue represents sales from goods and services, while sales represent money coming from the sale of goods only. ... both debit and credit columns in a journal entry in accounting balance out.