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    Jessen's Avatar
    Jessen Posts: 1, Reputation: 1
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    #1

    Jul 1, 2010, 02:49 AM
    Received cash from jay and deposited into bank - what is the journal entry?
    It was given in an earlier transaction that received cash from jay and discount allowed.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Jul 2, 2010, 01:05 AM

    An increase in cash is a debit. But I don't understand the rest of it. If it was given in an earlier transaction that you received cash, why are you receiving it again now?

    The discount thing makes me believe you're meaning that you're receiving the cash now from an earlier transaction of a sale, not an earlier transaction that received cash. (Please say what you mean so we can understand the question.) In that case you debit cash for the net amount paid, debit sales discounts and credit the entire amount out of accounts receivable.
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