### What will be the double entry if customer cancelled order

Assignment Help Accounting Basics
##### Reference no: EM132606816

An E-Commerce based company XYZ providing delivery services and order facility to restaurants through its fleet and online food ordering application.

XYZ charging 25% commission on each order value to restaurants. Some customer order through Credit or Debit card facility. XYZ collected cash and card payment against orders on behalf of restaurants and pays restaurants on a monthly basis after deducting its commission.

Question 1: What will be the double entry if customer cancelled order which already paid through credit card but order was damaged and delivered to the customer?

Question 2: How will XYZ recognize successful cash and credit card payment collected from customer on behalf of restaurant and how to recognize when paid to restaurant on month end?

### Write a Review

#### Calculate the net present value for the project

Calculate the Net Present Value for the project that requires an investment of \$91,347, has the estimated returns given in the following table, and must meet a minimum acceptable rate of return of 15%:

#### Discuss the cumulative temporary difference

(Two Temporary Differences, One Rate, Beginning Deferred Taxes, Compute Pretax Financial Income) The following facts relate to Duncan Corporation.

#### Benaflek co purchased some equipment 3 years ago the

benaflek co. purchased some equipment 3 years ago. the companys required rate of return is 12 and the net present value

#### What is the 2-year effective interest rate

What is the 2-year effective interest rate? What is the future value of your deposits at year 29?

#### Each temperature on the same weibull probability paper

Class B insulation. Use the data in Table 3.1, but fit Weibull distributions. (a)    Plot samples from each temperature on the same Weibull probability paper.

#### Describe the effect of each transaction on assets

Describe the effect of each transaction on assets, liabilities, and stockholders' equity.

#### Explain the new lease accounting rules

Explain the new lease accounting rules. What affect will these new rules have on the balance sheet, the income statement and the cash flow statement? What industries would be affected more than others?

#### The beneficiaries of private purpose trust funds are

what is the distinction between private purpose trust funds and permanent funds?a. private purpose trust funds account

#### Compute randolph company effective tax rate

The book-tax difference of \$300,000 was due to a \$200,000 favorable temporary difference, Compute Randolph Company effective tax rate

#### Compute the machine payback period

A machine can be purchased for \$213,000 and used for five years, Compute the machine's payback period (ignore taxes)

#### How to increase their total revenue

You have been hired by Nobody State University (NSU) as a consultant to help the university with how to increase their total revenue. The university has been struggling in recent years, so they have hired you to help them in their last attempt to ..

#### Prepare the entry to record the mortgage loan

Jenseng Inc. issues a \$800,000, 10%, 10-year mortgage note on December 31, 2017, to obtain financing for a new building.