Expenses PROFESSIONAL & SERVICE FEES EXPENSE ACCOUNT 8660/8665/8706 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of services such as legal, accounting, auditing, and tax. Service fees include equipment rentals, outside custodial service, protection service, collection agency, rubbish removal and national credit card discount. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly accrual of annual audit fee Read more about Professional & Service Fees[…]

Expenses OFFICE SUPPLIES EXPENSE ACCOUNT 8640/8645/8666 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of office forms, invoices, stationery, accounting records, supplies, postage, and office equipment items of nominal value. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly write-off of prepaid repair order forms SE     Office Supplies 8640     Office Supplies—Service—QL/FL/QCSC 8645     Read more about Office Supplies[…]

Expenses INSURANCE—EXCLUDING BUILDING & EMPLOYEE EXPENSE ACCOUNT 8620 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of insurance not otherwise provided for in this Manual; such as, insurance on merchandise inventories and building contents, liability insurance, fidelity bonds, burglary insurance and business interruption insurance. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly write-off of prepaid garage liability Read more about Insurance—Excluding Building & Employee[…]

Expenses INSURANCE—OFFICERS’ LIFE EXPENSE ACCOUNT 8600 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of insurance on the lives of officers of the dealership where the dealership is the beneficiary. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly write-off of prepaid insurance on officer’s life SE     Insurance—Officers’ Life 8600       Prepaid Insurance 1510 Read more about Insurance—Officers’ Life[…]

Expenses TAXES—EXCLUDING REAL ESTATE & INCOME EXPENSE ACCOUNT 8540/8445/8646 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of taxes (other than those on payroll, real property and income) such as franchise fees, intangibles taxes, personal property taxes, and gross receipts taxes. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly write-off of annual personal property tax SE   Read more about Taxes—Excluding Real Estate & Income[…]

Expenses TELEPHONE EXPENSE ACCOUNT 8520/8525/8446 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of telephone service, intercom system and telegrams. TRANSACTIONS   Jrnl. Dr. Cr.   Payment of telephone bill CD     Telephone 8520     Telephone—Service—QL/FL/QCSC 8525     Telephone—Parts—QL/FL/QCSC 8446       Cash in Bank—General 1001             Read more about Telephone[…]

Expenses UTILITIES EXPENSE ACCOUNT 8500/8505/8506 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of fuel, electricity, gas, and water used by the dealership. TRANSACTIONS   Jrnl. Dr. Cr.   Payment of electric bill CD     Utilities 8500     Utilities—Service—QL/FL/QCSC 8505     Utilities—Parts—QL/FL/QCSC 8506       Cash in Bank—General 1001       Read more about Utilities[…]

Expenses MAINTENANCE—BUILDINGS EXPENSE ACCOUNT 8420/8425/8426 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of maintaining owned or leased property used in the automobile business. TRANSACTIONS   Jrnl. Dr. Cr.   Repainting of offices by outside vendor on open account P     Maintenance—Buildings 8420     Maintenance—Buildings—Service—QL/FL/QCSC 8425     Maintenance—Buildings—Parts—QL/FL/QCSC 8426       Accounts Read more about Maintenance—Buildings[…]

Expenses TAXES—REAL ESTATE EXPENSE ACCOUNT 8400/8405/8406 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of real estate taxes on property owned by the dealership and used in the automobile business. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly write-off of prepaid property taxes SE     Taxes—Real Estate 8400     Taxes—Real Estate—Service—QL/FL/QCSC 8405     Taxes—Real Read more about Taxes—Real Estate[…]

Expenses INSURANCE—BUILDINGS EXPENSE ACCOUNT 8380/8385/8386 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of insurance on buildings and improvements owned by the dealership and used in the automobile business. Includes insurance on leasehold improvements. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly write-off of building insurance SE     Insurance—Buildings 8380     Insurance—Buildings—Service—QL/FL/QCSC 8385     Read more about Insurance—Buildings[…]