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In this video tutorial, the cash receipts journal is explained as a record that manages all incoming cash for a business. An example transaction involves a regular customer, John Henry, who pays $500 of his accounts receivable. The process starts by entering the date, followed by crediting the individual accounts receivable for John Henry and providing an explanation, including the invoice number if available. For this transaction, John receives a 10% discount of $50, which is recorded in the sales discount column. The cash debit column reflects $450 received, while the accounts receivable credit column shows the full payment amount of $500.
