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In this video tutorial, we cover the cash receipts journal, which tracks all cash inflows for a business. The tutorial includes an example of a regular customer, John Henry, who pays $500 towards his accounts receivable. The process begins with recording the date, followed by crediting the accounts receivable for John Henry. If known, the invoice number is also noted in the journal. Since John receives a 10% discount of $50, that amount is recorded in the sales discount column, while the cash debit shows $450. The full purchase amount is reflected in the accounts receivable credit column.
