October 30, 2016 admin

Miscellaneous Merchandise

Sales and Cost of Sales

MISCELLANEOUS MERCHANDISE ACCOUNT
SALES  5490/5492
COST OF SALES  6490/6492

ACCOUNT EXPLANATION

Sales: Selling price of merchandise handled by the parts department but not classified in any other account in this Manual.

Cost of Sales: Inventory value of miscellaneous merchandise sold.

*Refer to Chart of Accounts for current applicable Sales/Cost of Sales account numbers
TRANSACTIONS
  Jrnl. Dr. Cr.
  Household appliance sold on open account PS
    Accounts Receivable—Parts 1120
      Sales—Other Merchandise 5490
      Sales—Other Merchandise—QL/FL/QCSC 5492
    Cost of Sales—Other Merchandise 6490
    Cost of Sales—Other Merchandise—QL/FL/QCSC 6492
      Inventory—Other Merchandise 1460
COMMENTS
  • Cost data should be obtained from a subsidiary inventory record.