Retail
Layaway Cancellation — Deposit Forfeited
Customer cancels their layaway after the forfeiture period and loses their deposit.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Layaway Deposits Payable | Liability (-) | 100.00 | - |
| Forfeited Layaway Income | Revenue (+) | - | 100.00 |
💡 Accountant's Note
If the store's policy allows deposit forfeiture after a period of inactivity, the deposit is recognized as Other Income. The item is returned to the sales floor and no COGS is recorded.
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