Sales and Cost of Sales
| USED SUV/TRUCKS—WHOLESALE |
ACCOUNT |
| SALES |
3760 |
| COST OF SALES |
4760 |
|
|
ACCOUNT EXPLANATION
|
| Sales: Selling price of used SUV/Trucks sold to wholesale customers or junked.
Cost of Sales: Inventory value, excluding reconditioning costs, of units sold or junked.
*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers |
TRANSACTIONS
|
|
|
|
Jrnl. |
Dr. |
Cr. |
|
|
|
Sale of used SUV/Trucks to a wholesale customer for cash |
|
UV |
|
|
|
|
Cash Sales—Clearing |
|
|
1010 |
|
|
|
|
Sales—Used SUV/Trucks—Wholesale |
|
|
|
3760 |
|
|
|
|
|
|
|
|
|
Costing of used SUV/Trucks sold to a wholesale customer |
|
UV |
|
|
|
|
Cost of Sales—Used SUV/Trucks—Wholesale |
|
|
4760 |
|
|
|
Cost of Sales—Used SUV/Trucks—Reconditioning—Wholesale |
|
|
4761 |
|
|
|
|
Inventory—Used SUV/Trucks |
|
|
|
1360 |
|
COMMENTS
|
- The cost of each vehicle and reconditioning costs should be obtained from the subsidiary vehicle inventory record. Sales data should be entered on the vehicle inventory records.
- When used SUV/Trucks are wholesaled, the inventory value, excluding reconditioning costs should be charged to Account 4760, Cost of Sales—Used SUV/Trucks—Wholesale, and reconditioning costs should be charged to Account 4761, Cost of Sales—Used SUV/Trucks—Reconditioning—Wholesale.
|
