Liabilities and Net Worth CUSTOMER ACCOMMODATION LIABILITY ACCOUNT 2310 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Collections from customers for remittance to others, including finance and insurance contract installments; title, registration, and license fees; and liens payable to finance institutions on vehicles taken in trade, purchased, or repossessed. TRANSACTIONS Jrnl. Dr. Cr. Cash collected Read more about Customer Accommodation[…]
Liabilities and Net Worth CUSTOMER DEPOSITS LIABILITY ACCOUNT 2300 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts collected form customers to apply on future deliveries of vehicles and other merchandise. TRANSACTIONS Jrnl. Dr. Cr. Deposit received form customer on future new car delivery CR Cash in Bank—Trust 1003 Customer Read more about Customer Deposits[…]
Liabilities and Net Worth INCOME TAXES—CURRENT YEAR LIABILITY ACCOUNT 2205 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Corporation income taxes payable to governmental agencies on the earnings of the current year. TRANSACTIONS Jrnl. Dr. Cr. Monthly adjustment of income tax provision based on year-to-date book profit SE Estimated Income Taxes 9900 Read more about Income Taxes—Current Year[…]
Liabilities and Net Worth INCOME TAXES—PRIOR YEARS LIABILITY ACCOUNT 2200 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Corporation income taxes due to governmental agencies on the earnings of prior years. TRANSACTIONS Jrnl. Dr. Cr. Transfer of income tax liability for prior year to this account G Income Taxes—Current Year 2205 Read more about Income Taxes—Prior Years[…]
Liabilities and Net Worth ACCOUNTS PAYABLE—USED TRUCKS LIABILITY ACCOUNT 2190 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts due creditors for used trucks purchased; does not include used trucks financed by F.M.C.C or other finances. TRANSACTIONS Jrnl. Dr. Cr. Used truck purchased on open account VP Inventory—Used Trucks—Light 1370 Inventory—Used Read more about Accounts Payable—Used Trucks[…]
Liabilities and Net Worth ACCOUNTS PAYABLE—NEW TRUCK EQUIPMENT LIABILITY ACCOUNT 2170 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts due trade creditors for vehicle equipment purchased on open account; excludes truck bodies. TRANSACTIONS Jrnl. Dr. Cr. Bed-liners purchased for new truck P Inventory—New Truck 1310 Accounts Payable—New Truck Equipment Read more about Accounts Payable—New Truck Equipment[…]
Liabilities and Net Worth GST RECEIVABLE (GOODS & SERVICES TAX) LIABILITY ACCOUNT 2163 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION GST paid by dealership on purchase of goods or services which can be claimed back from the government through the Input Tax Credit. TRANSACTIONS Jrnl. Dr. Cr. Purchase of new vehicles from Ford of Read more about GST Receivable[…]
Liabilities and Net Worth GST PAYABLE (GOODS & SERVICES TAX) LIABILITY ACCOUNT 2162 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION GST collected from customer on sale of vehicles, parts, service labor, body shop labor, etc. for remittance to governmental agencies. TRANSACTIONS Jrnl. Dr. Cr. Sale of New vehicle NV Cash Sales—Clearing 1010 Read more about GST Payable[…]
Liabilities and Net Worth ACCOUNTS PAYABLE—NEW TRUCK BODIES LIABILITY ACCOUNT 2160 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Amounts due creditors for new truck bodies purchased on open account. TRANSACTIONS Jrnl. Dr. Cr. Purchase of new truck body P Inventory—New Trucks 1310 Accounts Payable—New Truck Bodies 2160 Read more about Accounts Payable—New Truck Bodies[…]
Liabilities and Net Worth SALES & USE TAXES LIABILITY ACCOUNT 2150 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Sales taxes and use tax collected from customers or imposed upon the dealership for remittance to governmental agencies. Extended Service Plan sold by Ford Motor Company. Sales-Type Leases—New Vehicles TRANSACTIONS Jrnl. Dr. Cr. Collection of sales Read more about Sales & Use Taxes[…]