October 30, 2016

Dealer Transfers

Sales and Cost of Sales

DEALER TRANSFERS ACCOUNT
4640


ACCOUNT EXPLANATION

The gross amount gained (or lost) when cars and trucks are transferred from one dealer to another.

*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers

TRANSACTIONS

  Jrnl. Dr. Cr.
  Transfer of new car to another dealer for cash at a gain NV
    Cash Sales—Clearing 1010
      Inventory—New Cars 1300
      Dealer Transfers 4640
             
  Transfer of a new truck to another dealer at a gain NV    
    Cash Sales—Clearing   1010  
      Inventory—New Trucks     1310
      Dealer Transfers     4640