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In this video tutorial, the focus is on the cash receipts journal, which tracks all cash inflows for a business. The presenter shows how to record transactions using the journal format. For example, when customer John Henry pays $500 of his accounts receivable, the process begins by entering the date and indicating the credited account, which is John's accounts receivable. An explanation of the payment, including the invoice number if known, is noted. A 10% discount of $50 is recorded in the sales discount column, while $450 is entered in the cash debit column. The full amount ($500) is documented in the accounts receivable credit column.
