Expenses AMORTIZATION OF LEASEHOLD IMPROVEMENTS EXPENSE ACCOUNT 8360/8365/8366 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Cost of amortizing improvements to leased land and buildings. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly entry to amortize leasehold improvements costs SE     Amortization of Leasehold Improvements 8360     Amortization of Leasehold Improvements—Service—QL/FL/QCSC 8365     Amortization of Read more about Amortization of Leasehold Improvements[…]

Expenses DEPRECIATION—BUILDING & IMPROVEMENTS EXPENSE ACCOUNT 8340/8345/8346 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expense of depreciation of buildings, building improvements, and land improvements used in the automobile business. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly provision for depreciation of building SE     Depreciation—Building & Improvements 8340     Depreciation—Building & Improvements—Service—QL/FL/QCSC 8345     Read more about Depreciation—Building & Improvements[…]

Expenses INTEREST—MORTGAGE EXPENSE ACCOUNT 8320 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Interest expense on mortgages on property used in the automobile business. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly accrual of interest on mortgage SE     Interest—Mortgage 8320       Accrued Interest 2421 COMMENTS Interest expense on mortgages on property not used in Read more about Interest—Mortgage[…]

Expenses RENT & LEASE EXPENSE EXPENSE ACCOUNT 8300/8305/8306 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Expenses of renting and leasing property used in the automobile business. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly rent of dealership facility CD     Rent & Lease Expense 8300     Rent & Lease Expense—Service—QL/FL/QCSC 8305     Rent & Read more about Rent & Lease Expense[…]

Expenses INSTITUTIONAL PROMOTION EXPENSE ACCOUNT 8240 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Costs of promotion designed to improve the goodwill and public acceptance of the dealership. Includes costs such as novelty gifts, team sponsorships, and driver training expense. TRANSACTIONS   Jrnl. Dr. Cr.   Gift key chains purchased for distribution to customers P     Read more about Institutional Promotion[…]

Expenses INSTITUTIONAL ADVERTISING EXPENSE ACCOUNT 8220 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Advertising costs that benefit the dealership as a whole. Includes roadside signs, program space, and classified directory. TRANSACTIONS   Jrnl. Dr. Cr.   Payment of telephone company invoice for advertisement in yellow pages CD     Institutional Advertising 8220       Cash Read more about Institutional Advertising[…]

Expenses PENSIONS EXPENSE ACCOUNT 8200/8205/8206 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Dealership contributions made on behalf of employees in accordance with the terms of plans for pensions, annuities, and retirement. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly accrual for dealership pension plan costs SE     Pensions 8200     Pensions—Service—QL/FL/QCSC 8205     Pensions—Parts—QL/FL/QCSC Read more about Pensions[…]

Expenses PAYROLL TAXES EXPENSE ACCOUNT 8100/8105/8106 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Taxes on employees’ earnings including the employeer’s share of FICA tax, federal unemployment tax, and state unemployment tax. TRANSACTIONS   Jrnl. Dr. Cr.   Monthly accrual of employeer’s portion of FICA tax SE     Payroll Taxes 8100     Payroll Taxes—Service—QL/FL/QCSC 8105 Read more about Payroll Taxes[…]

Expenses EMPLOYEE BENEFITS EXPENSE ACCOUNT 8040/8045/8041 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The cost to the dealership of employee benefit programs, such as hospitalization insurance, sickness and accident insurance, life insurance, workmen’s compensation insurance, etc. TRANSACTIONS   Jrnl. Dr. Cr.   Hospitalization premium paid by dealership CD     Employee Benefits 8040     Employee Read more about Employee Benefits[…]

Expenses SALARIES—ADMINISTRATIVE EXPENSE ACCOUNT 8020 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Salaries, wages, and incentive earnings including vacations, granted holidays, authorized paid absence from work, and training time, of administrative and general employees including the business manager, customer relations manager, office manager, accountants, bookkeepers, secretaries, stenographers, cashiers (other than parts or service cashiers), clerks, telephone Read more about Salaries—Administrative[…]