When a company bills a customer for $700 for services rendered, the journal entry to record this transaction will include a $700 debit to services revenue?

When there's a service rendered, the Company will not debit its service revenue, instead Account Receivable if on account or Cash if paid in cash is debited.  Journal entry to record the transaction is as follows: 

If on Account:
Debit: Account Receivable $700.00
Credit: Sales Revenue $700.00
To record revenue for the service rendered 

If Paid in Cash:
Debit: Cash $700.00
Credit: Sales Revenue $700.00
To record revenue for the service rendered 

Acapitalist economy is when all goods are owned by the government or private industries.