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1.Company X owes us $,
2. Company X has to collect $, from us.
On this day, the Company X decides to make a final settlement by cash.
DR CASH $100,000
DR PAYABLES $ 80,000
CR RECEIVABLES $ 100,000
CR CASH $80,000
This is to assume we actually received an amount of 100,000 and paid 80,000 to the customer. Thus, we have an increase of 20,000 in the cash account.
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