Earned $7,000 of services on account. Date Accounts and Explanation Debit Credit Nov.5 accounts receivable 7,000 service revenue 7,000 Paid $5,000 for a one year insurance policy Date Accounts and Explanation Debit Credit Nov. S 5,000 5,000 Collected $8,000 cash for future services Date Accounts and Explanation Debit Credit Nov.5 8,000 8,000