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In this video tutorial, the cash receipts journal is discussed, which manages all incoming cash for a business. An example involving a regular customer, John Henry, illustrates the journal's usage. When John pays $500 of his accounts receivable, the first step is to record the date. Then, the individual accounts receivable account for John Henry is credited, and the invoice being paid is noted. Since he receives a 10% discount of $50, this amount is placed in the sales discount column. The remaining $450 is recorded in the cash debit column, while the full purchase amount of $500 is credited in the accounts receivable column.
