October 30, 2016

Insurance Income Adjustments—New

Sales and Cost of Sales

INSURANCE INCOME ADJUSTMENTS—NEW ACCOUNT
5030


ACCOUNT EXPLANATION

Adjustments to income from commissions on the sale of insurance and gap insurance on new vehicles.

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

TRANSACTIONS

  Jrnl. Dr. Cr.
  Income charged back due to cancellation of insurance on new vehicle G
    Insurance Income Adjustments—New 5030
      Finance Receivables—Current 1280
     
  Income charged back due to cancellation of gap insurance on a new vehicle G
    Insurance Income Adjustments—New 5030
      Finance Receivables—Current 1280