467 Parts – Customer Mechanical Repair Orders –
Cars and Light Duty Trucks

468 Parts – Customer Mechanical Repair Orders –

        Commercial, Fleet, & Medium Duty Trucks

467E Parts – Customer Mechanical Repair Orders – EV -
Cars and Light Duty Trucks

468E Parts – Customer Mechanical Repair Orders - EV –

        Commercial, Fleet, & Medium Duty Trucks

Sales

Fixed Operations

Sales Synopsis

Accounts 467 and 468 are established to record the sales of Parts sold on Customer Mechanical Repair Orders for ICE vehicles.

Accounts 467E and 468E are established to record the sales of Parts sold on Customer Mechanical Repair Orders for Electric vehicles.

Debits

Credits

 

  1. The actual selling price of Parts sold on Customer Mechanical Repair Orders

  2. The actual selling price of Parts sold on Service Contract Repair Orders

 

667 Parts – Customer Mechanical Repair Orders –
Cars and Light Duty Trucks

668 Parts – Customer Mechanical Repair Orders –

        Commercial, Fleet, & Medium Duty Trucks

667E Parts – Customer Mechanical Repair Orders – EV -
Cars and Light Duty Trucks

668E Parts – Customer Mechanical Repair Orders - EV –

        Commercial, Fleet, & Medium Duty Trucks

Cost of Sales

Fixed Operations

Cost of Sales Synopsis

Accounts 667 and 668 respectively are established to record the cost of sales for the Parts sold in Accounts 467 and 468 above. (ICE Vehicles)

Accounts 667E and 668E respectively are established to record the cost of sales for the Parts sold in Accounts 467E and 468E above. (EV Vehicles)

Debits

Credits

  1. The cost of Parts sold on customer mechanical repair orders

  2. The cost of Parts sold on Service Contract Repair Orders

 

 

Example 1

Record a customer cash sale of $618 for ICE mechanical labor and parts.  The parts sale is $250.  The customer labor sale is $340.  The sales tax is $13 and the shop supplies are $15.  The parts cost is $80.  The cost of labor is $100 and the cost of shop supplies is $10.

Journal: Service Sales - Cash

Entry:

 

Debit

Credit

Account 225

Cash Sales Clearing

$618

 

Account 660A

Cost of Sales – Customer Labor – Cars & Light Trucks

$100

 

Account 667

Cost of Sales – Parts Mechanical Repair Orders & Light Duty Trucks

$80

 

Account 669

Cost of Sales – Shop Supplies

$10

 

Account 242

Inventory – Parts & Accessories

 

$80

Account 242

Inventory – Parts & Accessories

 

$10

Account 247A

Inventory – Work in Process – Mechanical

 

$100

Account 324

Sales Taxes Payable

 

$13

Account 460A

Sales – Customer Labor – Cars & Light Duty Trucks

 

$340

Account 467

Sales – Parts Mechanical Repair Orders & Light Duty Trucks

 

$250

Account 469

Sales – Shop Supplies

 

$15

Example 2

Record a customer cash sale of $1,326 for EV mechanical labor and parts.  The part sale is $750.  The customer labor sale is $500.  The sales tax is $38 and the shop supplies are $38.  The parts cost is $500.  The cost of the labor is $125 and the cost of the shop supplies is $28.

Journal: Service Sales - Cash

Entry:

 

Debit

Credit

Account 225

Cash Sales Clearing

$1,326

 

Account 661E

Cost of Sales – EV Customer Labor – Commercial, Fleet & Medium Duty Trucks

$125

 

Account 668E

Cost of Sales – Parts Mechanical Repair Orders - EV - Commercial, Fleet, & Medium Duty Trucks

$500

 

Account 669

Cost of Sales – Shop Supplies

$28

 

Account 242

Inventory – Parts & Accessories

 

$500

Account 242

Inventory – Parts & Accessories

 

$28

Account 247A

Inventory – Work in Process – Mechanical

 

$125

Account 324

Sales Taxes Payable

 

$38

Account 461E

Sales – EV Customer Labor – Commercial, Fleet, & Medium Duty Trucks

 

$500

Account 468E

Sales – Parts Mechanical Repair Orders - EV – Commercial, Fleet, & Medium Duty Trucks

 

$750

Account 469

Sales – Shop Supplies

 

$38