October 30, 2016 admin

Accounts Receivable—Other

Assets

ACCOUNTS RECEIVABLE—OTHER ASSET ACCOUNT
1130

ACCOUNT EXPLANATION
Accounts receivable not specifically provided for elsewhere in this Manual, such as receivables from sales of tractors and implements, leased and rental vehicle receivables, insurance claims, freight claims, tax refund claims, bid deposits, receivables from subsidiaries and affiliates and receivables from dealer advertising associations.

Extended Service Contracts sponsored by outside independent sources other than Ford.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Claim for service tools damaged by fire in shop G
    Accounts Receivable—Other 1130
      Tools & Supplies—Service 7770
             
  Monthly fees due from leased vehicle customers SE
    Accounts Receivable—Other 1130
      Leased Vehicle Net Income 5300
             
   Monthly Lease Billings LR
    Accounts Receivable—Other 1130
      Investment in Sales-Type Leases 1630
      Sales and Use Taxes 2150
      L.V. Income—Maintenance Lease—Car/Truck     5300
           
  Repairs to a customer’s car under Extended Service Contracts Sponsored by Outside Independent Sources PS  
    Cash Sales (customer deductible)   1010
    Accounts Receivable—Other   1130  
      Sales—Parts—Service Contracts     5440
      Sales—Labor—Service Contracts     5710
    Cost of Sales—Parts—Service Contracts   6440  
    Cost of Sales—Labor—Service Contracts   6710  
      Inventory—Parts, Ford     1400
      Inventory—Parts, Other     1410
      Inventory—Labor in Process     1440
             
  Reimbursement of the Extended Service Plan claim on the Warranty & Policy Settlement Statement P    
    Accounts Payable—Trade (Ford)   2100  
      Accounts Receivable—Other     1130
COMMENTS
  • Subsidiary records should support this account.
  • At month end, an aging schedule should be prepared for management review. See Account 1110, Accounts Receivable—Vehicles, for method of aging individual receivables.
  • See Account 1290, Allowance for Doubtful Receivables, for handling of write-offs. Before uncollectible receivables are written off, authorization of management should be obtained.
  • Accounts 1130 through 1134 may be used, if necessary, for specific miscellaneous receivables.
  • Investments in subsidiaries and affiliates and advances to subsidiaries and affiliates should be recorded in Accounts 1831 and 1832, respectively.