Assets LIFO INVENTORY RESERVE—PARTS ASSET ACCOUNT 1490 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The difference between the FIFO method and LIFO method of parts inventory valuation should be recorded in this account. TRANSACTIONS Jrnl. Dr. Cr. To set up a reserve to reflect the difference between the FIFO method and the LIFO method Read more about LIFO Inventory Reserve—Parts[…]
Assets LIFO INVENTORY RESERVE—USED VEHICLES ASSET ACCOUNT 1480 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The difference between the Actual Cost and LIFO method of used vehicle inventory valuation should be recorded in this account. TRANSACTIONS Jrnl. Dr. Cr. To set up a reserve to reflect the difference between the FIFO method and the Read more about LIFO Inventory Reserve—Used Vehicles[…]
Assets LIFO INVENTORY RESERVE—NEW VEHICLES ASSET ACCOUNT 1470 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The difference between the Actual Cost and LIFO method of new vehicle inventory valuation should be recorded in this account. TRANSACTIONS Jrnl. Dr. Cr. To set up a reserve to reflect the difference between the FIFO method and the Read more about LIFO Inventory Reserve—New Vehicles[…]
Assets INVENTORY—MISCELLANEOUS MERCHANDISE ASSET ACCOUNT 1460 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Merchandise valued at the lower of cost or estimated market value, for which no account is provided elsewhere in this Manual, on hand for sale. (also see Inventory—Recreation Vehicles—New, Account 1450). TRANSACTIONS Jrnl. Dr. Cr. Merchandise accepted in trade on used Read more about Inventory—Miscellaneous Merchandise[…]
Assets INVENTORY—RECREATION VEHICLES—USED ASSET ACCOUNT 1451 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The lower cost or estimated wholesale market value of used recreation vehicles, including reconditioning charges, on hand for sale. All used recreation trucks or mobilized units regardless of make taken in trade should be recorded in used recreation inventories. TRANSACTIONS Jrnl. Dr. Read more about Inventory—Recreation Vehicles—Used[…]
Assets INVENTORY—RECREATION VEHICLES—NEW ASSET ACCOUNT 1450 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of new recreation vehicles on hand for sale, including labor and material charges for dealer-installed options and accessories. Recreation vehicles includes all slide-in campers, tent trailers and travel trailers. (i.e. motor homes, chassis mounts and conversions) which were manufactured on other than Read more about Inventory—Recreation Vehicles—New[…]
Assets INVENTORY—TRACTORS & IMPLEMENTS—USED ASSET ACCOUNT 1446 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The lower of cost or estimated wholesale market value of used tractors and implements, including reconditioning charges, on hand for sale. TRANSACTIONS Jrnl. Dr. Cr. Used tractor taken in trade on sale of new tractor NV Inventory—Tractors & Read more about Inventory—Tractors & Implements—Used[…]
Assets INVENTORY—TRACTORS & IMPLEMENTS—NEW ASSET ACCOUNT 1445 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of new tractors and implements on hand for sale. TRANSACTIONS Jrnl. Dr. Cr. Purchase of new tractor for cash CD Inventory—Tractors & Implements—New 1445 Cash in Bank—General 1001 Read more about Inventory—Tractors & Implements—New[…]
Assets INVENTORY—INDUSTRIAL ENGINES ASSET ACCOUNT 1444 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The lower of cost or estimated wholesale value of new and used industrial engines on hand for sale. TRANSACTIONS Jrnl. Dr. Cr. Industrial engines purchased on open account P Inventory—Industrial Engines 1444 Accounts Payable—Trade 2100 Read more about Inventory—Industrial Engines[…]
Assets INVENTORY—GAS, OIL & GREASE ASSET ACCOUNT 1443 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of gas, oil and grease on hand. TRANSACTIONS Jrnl. Dr. Cr. Purchase of oil on open account P Inventory—Gas, Oil, & Grease 1443 Accounts Payable—Trade 2100 Read more about Inventory—Gas, Oil & Grease[…]