Assets EQUIPMENT—PARTS, SERVICE & BODY SHOP—COST ASSET ACCOUNT 1720 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of parts and service equipment acquired new or used. Includes freight and installation costs. TRANSACTIONS Jrnl. Dr. Cr. Brake drum lathe purchased on open account P Parts & Service Equipment 1720 Accounts Read more about Equipment—Parts, Service & Body Shop—Cost[…]
Assets BUILDINGS & IMPROVEMENTS—ACCUMULATED DEPRECIATION ASSET ACCOUNT 1715 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated depreciation of buildings and improvements. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for depreciation of building SE Depreciation—Buildings & Improvements 8340 Accumulated Depreciation—Buildings & Improvements 1715 Read more about Buildings & Improvements—Accumulated Depreciation[…]
Assets BUILDINGS & IMPROVEMENTS (VEHICLE BUSINESS ONLY) ASSET ACCOUNT 1710 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of buildings, building additions, and improvements purchased or constructed for use in the vehicle business. TRANSACTIONS Jrnl. Dr. Cr. Progress payment on construction of building CD Buildings & Improvements (Vehicle Business Only) 1710 Read more about Buildings & Improvements (Vehicle Business Only)[…]
Assets LAND IMPROVEMENTS—ACCUMULATED DEPRECIATION ASSET ACCOUNT 1705 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated depreciation of land improvements. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for depreciation of land improvements SE Depreciation—Land & Buildings 8340 Accumulated Depreciation—Land Improvements 1705 Sale of Read more about Land Improvements—Accumulated Depreciation[…]
Assets LAND IMPROVEMENTS ASSET ACCOUNT 1701 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of depreciable improvements to land owned and used in the automobile business. TRANSACTIONS Jrnl. Dr. Cr. Cost of surfacing parking area CD Land Improvements 1701 Cash in Bank—General 1001 COMMENTS Subsidiary fixed asset records should Read more about Land Improvements[…]
Assets LAND (AUTO BUSINESS ONLY) ASSET ACCOUNT 1700 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of land purchased for use in the automobile business. Includes acquisition fees and site preparation costs. TRANSACTIONS Jrnl. Dr. Cr. Purchase of land CD Land (Auto Business Only) 1700 Cash in Bank—General 1001 Read more about Land (Auto Business Only)[…]
Assets RENTAL VEHICLES—ACCUMULATED DEPRECIATION ASSET ACCOUNT 1660 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Accumulated depreciation on units in rental vehicle inventory. TRANSACTIONS Jrnl. Dr. Cr. Monthly provision for depreciation on rental vehicle units SE Rental Vehicle Net Income 5200 Accumulated Depreciation—Rental Vehicles 1660 Read more about Rental Vehicles—Accumulated Depreciation[…]
Assets RENTAL VEHICLES ASSET ACCOUNT 1650 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of new vehicles in rental service within the dealership operation, including dealer-installed options and accessories. Includes vehicles furnished to dealers under the Rent-A-Car program of the Ford Motor Company. Includes those Rent-A-Car units used in the Service Loaner Program. Also includes incentives Read more about Rental Vehicles[…]
Assets DEFERRED INCOME—SALES-TYPE LEASES ASSET ACCOUNT 1640 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Deferred Income on Sales-Type Leases. TRANSACTIONS Jrnl. Dr. Cr. New car leased under a sales-type lease NV Investment in Sales-Type Leases 1630 Sales—All Fleet Cars 3350 Deferred Income—Sales-Type Leases 1640 Read more about Deferred Income—Sales-Type Leases[…]
Assets INVESTMENT—SALES-TYPE LEASES ASSET ACCOUNT 1630 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Leases which “transfer substantially all of the benefits and risks incident to ownership of property should be accounted for as an acquisition of assets by the lessee and as sales by the lessor.” Such leases should be capitalized as assets and liabilities by Read more about Investment—Sales-Type Leases[…]