October 30, 2016 admin

Ford Receivable—Floor Plan Allowance

Assets

FORD RECEIVABLE—FLOOR PLAN ALLOWANCE ASSET ACCOUNT
1190

ACCOUNT EXPLANATION
Amounts due from Ford Motor Company under the floor plan assistance programs.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Floor plan allowance on vehicles purchased during month SE
    Ford Receivable—Floor Plan Allowance 1190
      Assistance—Floor Plan—New 7190
             
  Check received from Ford Motor company in payment of floor plan allowance CR
    Cash in Bank—General 1001
      Ford Receivable—Floor Plan Allowance 1190
COMMENTS
  • Subsidiary records should support this account.
  • The provisions of the floor plan assistance programs are described in instructions issues by Ford Motor Company.
  • Payments received from Ford Motor Company should be checked against amounts recorded in this account.
  • Dealers should be careful not to reduce the inventory cost of vehicles purchased by the amount of the floor plan allowance.