Retail
Layaway Plan — Deposit Received
A customer puts an item on layaway by paying a 20% deposit to reserve it.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Cash in Hand | Asset (+) | 100.00 | - |
| Layaway Deposits Payable | Liability (+) | - | 100.00 |
💡 Accountant's Note
A layaway deposit is a liability — the store owes the customer either the goods or their money back. No revenue is recognized until the item is fully paid and collected.
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