482 Parts – Counter-Retail

Sales

Fixed Operations

Sales Synopsis

Account 482 is established to record the retail sales of Parts sold to Retail customers at the dealership.

Debits

Credits

  1. Actual selling price of Parts returned by customers

  1. Actual selling price of Parts sold over the counter to Retail and Fleet Customers and to employees

 

682 Parts – Counter Retail

Cost of Sales

Fixed Operations

Cost of Sales Synopsis

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

Debits

Credits

  1. Cost of Parts sold over the counter to Retail and Fleet Customers and to employees

 

  1. Cost of Parts returned by customers

Example 1

Record the cash sale of $89 for parts sold over the counter.  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 682

Cost of Sales – Parts – Counter – Retail

$50

 

Account 242

Inventory – Parts & Accessories

 

$50

Account 324

Sales Taxes Payable

 

$4

Account 482

Sales – Parts – Counter – Retail

 

$85