482C Parts - E-Commerce

Sales

Fixed Operations

Sales Synopsis

Account 482C is established to record the retail sales of Parts sold via e-commerce, e.g., online.

Debits

Credits

  1. Actual selling price of Parts returned by online customers

  1. Actual selling price of Parts sold online via e-commerce

 

682 Parts – Counter Retail

Cost of Sales

Fixed Operations

Cost of Sales Synopsis

Account 682C is established to record the Cost of Sales of Parts sold in Account 482C above.

Debits

Credits

  1. Cost of Parts sold online

 

  1. Cost of Parts returned by online customers

Example 1

Record the cash sale of $89 for parts sold online.  The parts sale is $85 and the sales tax is $4.  The parts cost is $50.

Journal: Parts Sales - Cash

Entry:

 

Debit

Credit

Account 225

Cash Sales Clearing

$89

 

Account 682C

Cost of Sales – Parts – E-Commerce

$50

 

Account 242

Inventory – Parts & Accessories

 

$50

Account 324

Sales Taxes Payable

 

$4

Account 482C

Sales – Parts – E-Commerce

 

$85