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journal entries for a layaway on january 1 the company received layaway payments fro 692084

Journal Entries for a Layaway

On January 1, the company received layaway payments from two customers. Each customer paid $50.On December 24, the layaway period expired. On that date, the company received $300 from Customer 1 and delivered the promised merchandise (costing $200). Customer 2 did not return to make the final payment and thus forfeited the initial $50 layaway payment. Make the journal entries necessary to record (1) the receipt of the initial layaway payments, (2) the receipt of the final layaway payment and the delivery of the goods to Customer 1, and (3) the forfeit of the layaway payment by Customer 2. The company uses a perpetual inventory system.

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