Liabilities and Net Worth NOTES PAYABLE—OFFICERS & OWNERS LIABILITY ACCOUNT 2510 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Principal amount due to officers, stockholders and owners of the dealership on long term notes. TRANSACTIONS Jrnl. Dr. Cr. Loan from officer of dealership and dealership note issued CR Cash in Bank—General 1001 Read more about Notes Payable—Officers & Owners[…]
Liabilities and Net Worth MORTGAGES PAYABLE LIABILITY ACCOUNT 2500 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Principal amount due to finance institutions on long term loans secured by mortgages of land contracts on real property used in the automobile business. TRANSACTIONS Jrnl. Dr. Cr. Land and building purchased (portion secured by mortgage and balance Read more about Mortgages Payable[…]
Liabilities and Net Worth NON US LEASING INCOME COLLECTED IN ADVANCE LIABILITY ACCOUNT 2465 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Leased Contract Income collected in advance supported by Notes Receivable. TRANSACTIONS Jrnl. Dr. Cr. Leased contracts income collected in advance supported by Notes Receivable CD Notes Receivable 1100 Read more about Leasing Income Collected in Advance[…]
Liabilities and Net Worth NON US DEFERRED INTEREST INCOME (CURRENT PORTION) LIABILITY ACCOUNT 2460 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Interest income collected in advance, earned from sales on open account or notes receivable. TRANSACTIONS Jrnl. Dr. Cr. Transfer from Long Term Deferred Interest income to Short Term CD Deferred Interest Read more about Deferred Interest Income (Current Portion)[…]
Liabilities and Net Worth NON US PROFIT SHARING ACCRUAL LIABILITY ACCOUNT 2450 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Estimated amount of employe profit share to be paid by the dealer, based on the percentage established by Mexican Law. TRANSACTIONS Jrnl. Dr. Cr. Monthly estimate of employe profit sharing CD Profit Sharing Read more about Profit Sharing Accrual[…]
Liabilities and Net Worth ACCRUED PHYSICAL PARTS INVENTORY LIABILITY ACCOUNT 2429 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Estimated cost of the annual physical inventory of parts and accessories. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of estimated cost CD Professional & Service Fees 8660 Accrued Physical Parts Inventory 2429 Read more about Accrued Physical Parts Inventory[…]
Liabilities and Net Worth ACCRUED AUDIT/TAX LIABILITY ACCOUNT 2428 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Estimated cost of year-end audit/tax services performed by dealership’s independent Certified Public Accountant (CPA). TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of estimated annual cost SE Professional & Service Fees 8660 Accrued Audit/Tax 2428 Read more about Accrued Audit/Tax[…]
Liabilities and Net Worth ACCRUED OTHER EXPENSES LIABILITY ACCOUNT 2423 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Liability for expenses incurred for which no accrual account has been provided elsewhere in this Manual. Includes professional fees, service fees, contributions and rent. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of annual audit fee SE Read more about Accrued Other Expenses[…]
Liabilities and Net Worth ACCRUED PENSIONS LIABILITY ACCOUNT 2422 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Employeer’s contributions accrued in accordance with the dealership’s pension plan. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of employer’s contribution to pension plan SE Pensions 8200 Accrued Pensions 2422 Read more about Accrued Pensions[…]
Liabilities and Net Worth ACCRUED INTEREST LIABILITY ACCOUNT 2421 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Interest accrued on interest-bearing obligations of the dealership. TRANSACTIONS Jrnl. Dr. Cr. Monthly accrual of interest on mortgage SE Interest—Mortgage 8320 Accrued Interest 2421 Monthly Read more about Accrued Interest[…]