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Journal Entry to Record Cash Collected from a Customer

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 *  / 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... * Spotify: https://open.spotify.com/show/4WaNTqV... * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK *   / prof_mclaughlin   — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook:   / edspira   * Instagram:   / edspiradotcom   * LinkedIn:   / edspira   — CONNECT WITH MICHAEL * Twitter:   / prof_mclaughlin   * LinkedIn:   / prof-michael-mclaughlin   — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com