October 30, 2016 admin

Other Sales—F & I—New

Sales and Cost of Sales

OTHER SALES—F & I—NEW ACCOUNT
SALES 5060
COST OF SALES 6060

ACCOUNT EXPLANATION

Sales: Selling price of after-sale services sold to customers by the F & I Department, including undercoating, exterior coating, and fabric protection.

Cost of Sales: The costs of such services.

*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers
TRANSACTIONS
  Jrnl. Dr. Cr.
  Sale of undercoating on a new car, for cash NV
    Cash Sales—Clearing 1010
      Other Sales—F & I—New 5060
             
  Costing out of sale of undercoating NV
    Cost of Sales, Other Sales—F & I—New 6060
      Accounts Payable—Trade 2100