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today were gonna walk through pawnshop accounting what it should look like and what mountain State did this will prepare you for reconstructing the pawnshop activity so when a customer comes in with an item and wants someone you give them cash and you take the item at that time you dont own the item you have a bailment you have a duty to care for it make sure that it doesnt get lost or damaged or stolen and the customer you have a loan and so at the time that the cash goes out here you would record a reduction to cash and an increase to an asset called accounts receivable or loan receivable and so if the customer comes in and makes their payments so theyre imagine a month later they come in and pay their twenty percent per month what an impressive interest rate cash would be deposited into the business and then interest income or interest revenues recorded for the interest and then lets say that at the time that they paid that first interest payment theyre able to pay a little bi