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| Cash in Hand Journal Entry |
When a business receives cash and the company wants to maintain the record on its accounting records.
Journal Entry for Cash Received
Cash Account Debit
Revenue or Other Account Credit
- The "Cash" account is debited because of the increase the company's Asset balance.
- The corresponding account (e.g., "Revenue" or another applicable account) is credited because of recognizes the source of the cash.
The above journal entry reflects the increase in cash balance and shows service or other revenue.
