October 30, 2016 admin

Ford Receivable—Other

Assets

FORD RECEIVABLE—OTHER ASSET ACCOUNT
1200

ACCOUNT EXPLANATION
Amounts due from Ford Motor Company on new vehicle rebates, excise tax refunds, commissions earned on vehicles sold under programs such as the used truck assistance program, floor plan assistance program on heavy and extra-heavy trucks, claims for vehicles damaged in transit, parts inventory protection plan, and A/X/Y/Z Incentive plans, etc.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Parts and Labor Sales on Repair of Vehicles damaged in Transit PS
    Ford Receivable—Other 1200
      Sales Parts—Repair Shop/Body Shop 5430,
5500-
5510
      Sales Labor—Repair Shop/Body Shop 5700,
5810-
5820
             
   Parts and Labor Costed out at time of repair PS
    Cost of Sales—Parts—Repair Shop/Body Shop 6430,
6500-
6510
    Cost of Sales—Labor—Repair Shop/Body Shop 6700,6810-
6820
      Inventory—Parts, Ford 1400
      Inventory—Parts, Other     1410
      Inventory—Labor in Process     1440
             
  Parts Returned under the Return Program G    
    Ford Receivable—Other   1200  
    Parts—Discount Earned   6550  
    Parts—Return and Handling   6580  
      Inventory—Parts, Ford     1400
      Inventory—Parts, Other     1410
             
  Credit for Parts Returned and Credited to Ford Parts Statement P    
    Accounts Payable—Trade   2100  
      Ford Receivable—Other     1200
             
  Rebate of Unused Parts Return allowance due from Ford Motor Company as of the end of the year as set by Ford Motor Company G    
    Ford Receivable—Other   1200  
      Rebates—Unused Parts Return Allowance     6560
             
  Cash Received for Unused Parts Return Allowance CR    
    Cash in Bank—General   1001  
      Ford Receivable—Other      
            1200
    Ford Receiveable      
      Ford Receivable—Other A/X/Y/Z  
1200
 
             
  New Vehicle C-O-S      
    New Vehicle Car Sales Retail/Retail Lease     4000/4001 etc.
    New Truck Sales Retail/Retail Lease     4400/4401 etc.
             
  Check Received From Ford      
    Ford Receivable—Other A/Z/Y/Z     1200
  Cash In Bank      
    Cash   1001  
COMMENTS
  • Computation of amounts due and maintenance of subsidiary records should be in accordance with Ford Motor Company instructions issued to cover each individual program.
  • At month end, the total of open and unpaid items should be reconciled to the balance of this account.