Which journal entry is correct for the following: bills are submitted to insurance companies in the amount of $90,000 for services rendered to patients?
1) Debit Accounts Receivable $90,000, Credit Insurance Revenue $90,000
2) Debit Insurance Revenue $90,000, Credit Accounts Receivable $90,000
3) Debit Cash $90,000, Credit Insurance Revenue $90,000
4) Debit Insurance Revenue $90,000, Credit Cash $90,000