The assignment of accounts receivable journal entries are based on the following information: 1. Accounts receivable 50,000 on 45 days terms 2. Assignment fee of 1% (500) 3. Initial advance of 80% (40,000) 4. Cash received from customers 6,000 5. Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395) For each of the transactions above, create a journal. You can use either Excel or Word for this assignment

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.