910 Document Handling Fee
Additions/Deductions
Additions from Income
Synopsis
Account 910 is established to record income earned from handling tags, titles, and other related fees collected from vehicle customers.
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Debits |
Credits |
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Example 1
Record a new vehicle sale in the amount of $17,571 with a finance contract reserve of $300, sales tax of $879 and Registration Fees or “DOC” fees of $125. The inventory value is $16,721.
Journal: New Vehicle Sales
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Entry: |
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Debit |
Credit |
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Account 205 |
Contracts in Transit |
$18,575 |
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Account 262 |
Due from Finance Companies |
$300 |
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Account 600-618 |
Cost of Sales - New Cars - Retail |
$16,721 |
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Account 400-418 |
Sales - New Cars - Retail |
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$17,571 |
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Account 231 |
New Car Inventory |
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$16,721 |
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Account 324A |
Sales Taxes Payable - Excise Taxes |
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$879 |
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Account 806 |
Finance Income - New |
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$300 |
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Account 910 |
Document Handling Fees |
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$125 |