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In this video tutorial, the cash receipts journal is explained as a tool for managing all incoming cash for a business. The video provides a visual example of the journal and walks through posting transactions. A specific case involves a customer, John Henry, who pays $500 of his accounts receivable. The process begins with entering the date and crediting John Henry’s individual accounts receivable account. The invoice number is recorded if known. The transaction includes a 10% discount for John, totaling $50, which is noted in the sales discount column. Consequently, $450 is recorded in the cash debit column, while the full purchase amount is placed in the accounts receivable credit column.
