Sales and Cost of Sales
| USED SUV/TRUCKS—INVENTORY ADJUSTMENTS |
COST OF SALES ACCOUNT |
| 4752 |
|
|
ACCOUNT EXPLANATION
|
| Adjustments of the inventory value of used, used retail lease and remarketed SUV/Trucks on hand to current estimated wholesale value.
*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers |
TRANSACTIONS
|
|
|
|
Jrnl. |
Dr. |
Cr. |
|
|
|
Month-end write-down of used SUV/Trucks in inventory to current estimated wholesale value |
|
SE |
|
|
|
|
Cost of Sales—Used SUV/Trucks—Inventory Adjustments |
|
|
4752 |
|
|
|
|
Inventory—Used SUV/Trucks |
|
|
|
1360 |
|
|
|
|
|
|
|
|
|
Month-end write-down of remarketed SUV/Trucks in inventory to current estimated wholesale value |
|
SE |
|
|
|
|
Cost of Sales—Used SUV/Trucks—Inventory Adjustments |
|
|
4752 |
|
|
|
|
Inventory—Remarketed SUV/Trucks |
|
|
|
1365 |
|
COMMENTS
|
- If at month end, the inventory cost of a unit exceeds its current estimated wholesale value, the excess amount should be charged to this account.
- Inventory adjustments to used SUV/Trucks on hand should be entered on the subsidiary vehicle inventory record.
|
