USA Cancel the deal and refund


Tal

Joined
Aug 1, 2019
Messages
1
Reaction score
0
Country
United States
I am currently using Quiickbook for Accounting I have a used car dealership I sold a car for 6000 Plus taxes and DMV fees the client gave me down payment of 3000
And credit card which deposit to my bank 2 days after He wanted to cancel the deal.
We agreed that there is a $500 restocking fee I credit him for the 2500
My question is How do I reflected the invoice with the restocking fees And
How do I return the item back to the inventory and what should I do with all the rest of the money the DMV fees the doc says and the rest of them and that he didn’t
Paid yet.
 
Ad

Advertisements

AGH the CPA

VIP Member
Joined
Jun 16, 2017
Messages
107
Reaction score
13
Country
United States
lets assume the following:
car price $6000
taxes $600
DMV fees $400
Total sale $7000
deposit $3000

DR AR $4000
DR cash $3000
CR sales $6000
CR taxes payable $600
CR DMV fees payable $400

customer cancels sale (no other payments have been made - ie to DMV or tax)
DR sales $6000
DR taxes payable $600
DR DMV fees payable $400
CR AR $4000
CR cash $2500
CR other income* $500

* you might have an account called restocking income
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top