484 Accessories
Sales
Fixed Operations
Sales Synopsis
Account 484 is established to record the sales of Accessories sold by the Parts & Accessories Department.
Debits |
Credits |
|
a. Customer Repair Orders b. Warranty Claim sales at the claim rate c. Internal sales at the Internal rate d. Counter Retail e. Wholesale
|
684 Accessories
Cost of Sales
Fixed Operations
Cost of Sales Synopsis
Account 684 is established to record the Cost of Sales of Accessories sold in Account 484 above.
Debits |
Credits |
|
|
Example 1
Record the sale of mats to a customer for $100. The accessory sale is $95 and sales tax is $5. The accessory cost is $55.
Journal: Parts Sales - Cash
Entry: |
|
Debit |
Credit |
Account 225 |
Cash Sales |
$100 |
|
Account 684 |
Cost of Sales – Accessories |
$55 |
|
Account 242 |
Inventory – Parts & Accessories |
|
$55 |
Account 324 |
Sales Taxes Payable |
|
$5 |
Account 484 |
Sales – Accessories |
|
$95 |