Sales and Cost of Sales PARTS—WHOLESALE JOBBING INCENTIVE ACCOUNT 6410/6411 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Incentives earned on incentive-bearing parts sold wholesale or over the counter to eligible wholesale customers in accordance with the jobbing incentive program by FoMoCo and Non FoMoCo incentive bearing parts. NOTE: Dealers with competitive franchises (Non FoMoco) separate incentive Read more about Parts—Wholesale Jobbing Incentive[…]

Sales and Cost of Sales LIFO ADJUSTMENTS—PARTS ASSET ACCOUNT 6300 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The difference between the Actual Cost (FIFO) and LIFO method of parts valuation should be recorded in this account. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS   Jrnl. Dr. Cr.   Reflect Read more about LIFO Adjustments—Parts[…]

Sales and Cost of Sales LIFO ADJUSTMENTS—USED VEHICLES ASSET ACCOUNT 6250 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The difference between the Actual Cost (FIFO) and LIFO method of new vehicle valuation should be recorded in this account. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS   Jrnl. Dr. Cr. Read more about LIFO Adjustments—Used Vehicles[…]

Sales and Cost of Sales LIFO ADJUSTMENTS—NEW VEHICLES ASSET ACCOUNT 6200 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION The difference between the Actual Cost (FIFO) and LIFO method of new vehicle valuation should be recorded in this account. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS   Jrnl. Dr. Cr. Read more about LIFO Adjustments—New Vehicles[…]

Sales and Cost of Sales CUSTOMER REPOSSESSION REFUND—USED COST OF SALES ACCOUNT 6180 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Direct write-off of used vehicle repossession surplus refunds. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS   Jrnl. Dr. Cr.   To record repossession surplus refunds due original customer G Read more about Customer Repossession Refund—Used[…]

Sales and Cost of Sales REPOSSESSION PURCHASE LOSS—USED ACCOUNT 6170 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Provision for estimated repossession losses based upon the excess of purchase cost over estimated wholesale value, less estimated reconditioning, of repossessed vehicles originally sold used. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Read more about Repossession Purchase Loss—Used[…]

Sales and Cost of Sales CUSTOMER REPOSSESSION REFUND—NEW ACCOUNT 6080 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Direct write-off of repossession surplus refunds on new vehicles. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS   Jrnl. Dr. Cr.   To record repossession surplus refunds due original customer G     Read more about Customer Repossession Refund—New[…]

Sales and Cost of Sales REPOSSESSION PURCHASE LOSS—NEW ACCOUNT 6070 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Provision for estimated repossession losses based upon the excess of purchase cost over estimated wholesale value, less estimated reconditioning, of repossessed vehicles originally sold new. *Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers TRANSACTIONS Read more about Repossession Purchase Loss—New[…]

Sales and Cost of Sales BODY SHOP MATERIALS ACCOUNT SALES  5850 COST OF SALES  6850 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Sales: Selling price of body shop materials sold to customers on completed repair orders. Includes body shop materials used in warranty work. Cost of Sales: Cost of body shop materials used on above work. Read more about Body Shop Materials[…]

Sales and Cost of Sales BODY SHOP LABOR—INTERNAL ACCOUNT SALES  5840/5841 COST OF SALES  6840/6841 ACCOUNT EXPLANATION TRANSACTIONS COMMENTS ACCOUNT EXPLANATION Sales: Internal selling price of body shop labor sold to other departments on completed repair orders, including new vehicle preparation, installation of accessories, used vehicle reconditioning, and maintenance of company vehicles. Cost of Sales: Read more about Body Shop Labor—Internal[…]