October 30, 2016 admin

Recreation Vehicle—Other Net Income

Adjustments to Income

RECREATION VEHICLE—OTHER NET INCOME ADDITIONS TO INCOME ACCOUNT
9000

ACCOUNT EXPLANATION
Net income from the sale of new and used recreation vehicles. Includes: Slide-In Campers (includes truck when sold with camper); Vn Cutaways (including the van); Motor Homes (complete unit); Van Top Conversions; Chassis Mount Campers; and Tent Trailers. Net income from other recreation items such as boats, outboard motors, motorcycles, snowmobiles, bicycles, and other types of sports equipment and accessories should be included in this account.
TRANSACTIONS
  Jrnl. Dr. Cr.
  New light truck with camper installation sold to customer for cash plus finance contract for balance NV
    Cash Sales—Clearing 1010
    Finance Contracts—New 1020
      Recreation Vehicle Net Income (amount of sale) 9000
    Recreation Vehicle Net Income (cost of sale) 9000
      Inventory—Recreation Vehicles—New 1450
             
  Commissions on recreation vehicle sales PR
    Recreation Vehicle Net Income 9000
      Accrued Payroll 1450
           
  Snowmobile sold to customer on open account NV  
    Accounts Receivable—Other   1130
      Recreation Vehicle Net Income (amount of sale)     9000
    Recreation Vehicle Net Income (cost of sale)   9000  
      Inventory—Recreation Vehicles—New     1450
           
  Portion of finance income on finance contract on new recreation unit currently due and payable to the dealership NV  
    Finance Receivables—Current   1280
      Recreation Vehicle Net Income     9000
COMMENTS
  • This is a control account. The 9000-9049 series of accounts should be used for detailed supporting income and expense accounts.
  • Cost data should be obtained from the subsidiary inventory record.
  • Sales of parts and labor associated with recreation vehicles should be recorded in the same account as regular vehicle parts and labor sales.