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In this video tutorial, the cash receipts journal is explained as a record of all cash coming into a business. An example is given involving a transaction with a regular customer, John Henry, who pays $500 on his account receivable. The process begins by entering the date and crediting the individual accounts receivable account for John. An explanation, including the invoice number if known, is also provided. Since John qualifies for a 10% discount, $50 is recorded in the sales discount column, while $450 is noted in the cash debit column. The full purchase amount of $500 is recorded in the accounts receivable credit column.
