Sales and Cost of Sales
| NEW TRUCKS—RETAIL LEASE |
|
ACCOUNT |
| SALES |
3240-3791 |
| COST OF SALES |
4240-4791 |
|
|
ACCOUNT EXPLANATION
|
| Sales: Value of lease contracts, less any discounts or overallowances, of new cars leased to retail customers.
Cost of Sales: Inventory value of units leased. Note that inventory value is cost less vehicle holdback.
*NOTE: Separate numbers have been assigned for retail sales and retail leases. The lease numbers are paired with the retail sales numbers by changing the last digit of the sales number to 1:
| F150—Retail Sales/Cost of Sales |
3780, 4780 |
| F150—Retail Leases/COS |
3781, 4781 |
*Refer to Chart of Accounts for current applicable sales/cost of sales account numbers. |
TRANSACTIONS
|
|
|
|
Jrnl. |
Dr. |
Cr. |
|
|
|
Sale of vehicle and assignment of Red Carpet Lease Plan to F.M.C.C. |
|
VS |
|
|
|
|
Accounts Receivable—F.M.C.C. Lease Plan |
|
|
1135 |
|
|
|
Accounts Receivable—F.M.C.C. Deferred Gross |
|
|
1836 |
|
|
|
|
New Light Trucks—Retail Leases |
|
|
|
3781,
etc |
|
|
|
|
|
|
|
|
|
Cost of sale of vehicle sold to F.M.C.C. |
|
VS |
|
|
|
|
Cost of Sales—Retail Leases |
|
|
4781,
etc |
|
|
|
|
Inventory—New Trucks |
|
|
|
1310 |
|
COMMENTS
|
- Lease data should be entered on the subsidiary vehicle inventory record.
- Light trucks placed in leasing or rental service within the dealership operation should be recorded as inventory transfers at dealer cost, not as retail leases. New vehicle sales to a separate leasing organization, independent or dealer-owned, should be recorded in Account 3470, Fleet Light Trucks.
- Information regarding sales to dealers with an associate sales agreement is contained in instructions issued by Ford Motor Company.
|
