October 30, 2016 admin

Other Sales—F & I—Used

Sales and Cost of Sales

OTHER SALES—F & I—USED ACCOUNT
SALES   5160
COST OF SALES   6160

ACCOUNT EXPLANATION

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

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 used car, for cash UV
    Cash Sales—Clearing 1010
      Other Sales—F & I—Used 5160
             
  Costing out of sale of undercoating UV
    Cost of Sales, Other sales—F & I—Used 6160
      Accounts Payable—Trade 2100