Assets RECEIVABLES—OFFICERS & EMPLOYEES ASSET ACCOUNT 1810 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Loans and cash advances to officers and employees, including amounts secured by notes. TRANSACTIONS Jrnl. Dr. Cr. Advances to new car salespeople CD Receivables—Officers & Employees 1810 Cash in Bank—General 1001 Read more about Receivables—Officers & Employees[…]
Assets ALLOWANCE FOR FINANCE RECEIVABLES—DEFERRED ASSET ACCOUNT 1805 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Allowance for contingent losses on deferred finance income receivables. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for contingent losses SE Finance Contracts Income—New 5000 Finance Contracts Income—Used 5100 Allowance for Finance Receivables—Deferred 1805 Read more about Allowance for Finance Receivables—Deferred[…]
Assets FINANCE RECEIVABLES—DEFERRED ASSET ACCOUNT 1800 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Portion of finance income earned by the dealership on recourse paper but withheld to cover contingent losses on repossessions and customer prepayments. TRANSACTIONS Jrnl. Dr. Cr. Deferred portion of finance income earned on used vehicle contract UV Finance Receivables—Deferred Read more about Finance Receivables—Deferred[…]
Assets LEASEHOLDS & LEASEHOLD IMPROVEMENTS—ACCUMULATED AMORTIZATION ASSET ACCOUNT 1735 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated amortization of leaseholds and leasehold improvements. TRANSACTIONS Jrnl. Dr. Cr. Monthly entry to record amortization expense SE Amortization of Leasehold Improvements 8360 Leaseholds & Leasehold Improvements—Accumulated Amortization 1735 Read more about Leaseholds & Leasehold Improvements—Accumulated Amortization[…]
Assets LEASEHOLDS & LEASEHOLD IMPROVEMENTS—COST ASSET ACCOUNT 1730 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of improvements and additions leased to property used in the automobile business. Includes lump-sum payments made to acquire a lease, excluding amounts applicable to rent. TRANSACTIONS Jrnl. Dr. Cr. Modernization of facade of leased showroom on open account Read more about Leaseholds & Leasehold Improvements—Cost[…]
Assets EQUIPMENT—COMPANY VEHICLES—ACCUMULATED DEPRECIATION ASSET ACCOUNT 1727 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated depreciation of vehicles in Account 1722, Company Vehicles. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for depreciation of company vehicles SE Depreciation—Equipment 8760 Equipment—Company Vehicles—Accumulated Depreciation 1727 Read more about Equipment—Company Vehicles—Accumulated Depreciation[…]
Assets EQUIPMENT—OFFICE EQUIPMENT & SIGNS—ACCUMULATED DEPRECIATION ASSET ACCOUNT 1726 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated depreciation of office equipment and signs. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for depreciation of office equipment and signs SE Depreciation—Equipment 8760 Equipment—Office Equipment & Signs—Accumulated Depreciation 1726 Read more about Equipment—Office Equipment & Signs—Accumulated Depreciation[…]
Assets EQUIPMENT—PARTS, SERVICE & BODY SHOP—ACCUMULATED DEPRECIATION ASSET ACCOUNT 1725 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated depreciation of parts, service and body shop equipment. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for depreciation of parts and service equipment SE Depreciation—Equipment 8760 Equipment—Parts, Service & Body Shop—Accumulated Depreciation 1725 Read more about Equipment—Parts, Service & Body Shop—Accumulated Depreciation[…]
Assets EQUIPMENT—COMPANY VEHICLES—COST ASSET ACCOUNT 1722 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of all vehicles, excluding demonstrators, in dealership service for use in the automobile business. Includes tow trucks, parts trucks, service courtesy cars, driver training cars, motorcycles, antique vehicles used for display, and racing vehicles. TRANSACTIONS Jrnl. Dr. Cr. New car Read more about Equipment—Company Vehicles—Cost[…]
Assets EQUIPMENT—OFFICE EQUIPMENT & SIGNS—COST ASSET ACCOUNT 1721 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of new and used office furniture, machines, and equipment, including permanent signs, acquired new or used, including installation. TRANSACTIONS Jrnl. Dr. Cr. Electronic calculator purchased CD Office Equipment & Signs 1721 Cash in Read more about Equipment—Office Equipment & Signs—Cost[…]