Need your help for below scenario :
1) Sale of an item for 200.00. But customer pays 250.00 and asks to keep $50 as an advance for next transaction.
For this transaction, Journal Entries will be as follows:
Debit Cash Account 200.00
Credit Sales Revenue 200.00
Debit Cash Account 50.00
Credit Customer Deposit 50.00
2) The same customer buys another item for 100.00 on Credit. In this transaction his earlier deposit 50.00 is not used.
Debit: Customer receivable Account 100.00
Credit: Sales Revenue 100.00
3) Now the customer pays due 50.00 and asks to use his earlier deposit of 50.00 as payment. How should we record this transaction.?