Journal Entry to Record Cash Collected from a Customer [Video]

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This video shows the journal entry to record cash collected from customers in 3 different situations: (1) when a cash is made (cash is collected immediately when the sale is made) (2) when a credit sale is made (cash is collected at a later point in time) (3) when unearned revenue is recorded (cash is received, but revenue is not recorded) The journal entries for cash sales and credit sales are similar except that with credit sales "accounts receivable" is debited at the time of the sale instead of debiting "cash" (with credit sales, "cash" is later debited when the cash is collected). In the third situation, the "cash" account is debited and "unearned revenue" (a liability account) is credited. Remember, a company cannot recognize revenue just because it has received cash from a customer; the company must have earned the revenue (by delivering the good or providing the service to the customer) in order to recognize revenue. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com

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Brad is joined by Frank Boutillette to discuss FASB’s joint venture proposal and crypto assets decision, the AICPA Enhanced Audit Quality Initiative areas of focus for 2023 and recent SEC updates.*** This episode qualifies for nano CPE credit. Find out more at https://njcpa.org/nano. ***Resources:• FASB Seeks Input on Proposed Improvements to Accounting for Joint Venture Formations - https://njcpa.org/stayinformed/hubs/topics/full-article/2022/10/27/fasb-seeks-input-on-proposed-improvements-to-accounting-for-joint-venture-formations• FASB Decides on Accounting Method for Crypto Assets - https://www.cpapracticeadvisor.com/2022/10/13/fasb-proposes-accounting-method-for-crypto-assets/71714/• What CPAs need to know about NFTs - https://www.journalofaccountancy.com/issues/2022/oct/what-cpas-need-to-know-about-nfts.html• AICPA resources on enhancing audit quality - https://us.aicpa.org/content/aicpa/eaq.html• SEC Adopts Rules to Enhance Proxy Voting Disclosure by Registered Investment Funds and Require Disclosure of “Say-on-Pay” Votes for Institutional Investment Managers - https://www.sec.gov/news/press-release/2022-198• NJCPA Accounting & Auditing Knowledge Hub – https://njcpa.org/hub/accounting • Join the NJCPA Accounting & Auditing Standards Interest Group – https://njcpa.org/groups ========================================Watch all IssuesWatch Podcast episodes at https://www.youtube.com/playlist?list=PLJ2syuG5TiiZOFQdURLJUDzGJVz17ZPthSUBSCRIBE FOR MORE CPA VIDEO TIPS AND NEWS - https://www.youtube.com/c/njcpa?sub_confirmation=1LET'S CONNECT:NJCPA http://www.njcpa.orgFACEBOOK https://www.facebook.com/njscpaTWITTER https://twitter.com/njcpaLINKEDIN https://www.linkedin.com/grp/home?gid=165152INSTAGRAM https://www.instagram.com/thenjcpa